EFTA01451277.pdf

(Embedded image moved to file: pic30252.gif) From Tazia Smith/db/dbcom@DBAMERICAS To: "Jeffrey epstein" [email protected]>, Cc: "vinit Sahni" , "Nay Gupta (DEUTSCHE ASSET MANAG)" Date 12/01/2014 22:52 Subj Re: PDVSA chart + USDJPY Trade [c] ect: Classification: Confidential Looping in vinit here as he was recently involved with a large offering in the pdvsa credit and may have some take-aways. My view is the bonds are money good in 2015, as of now, but you are not looking for yield carry (as discussed), and the risks of restructuring and near-term downside due to politics specific to venezuela and chatter around EM assets at large are likely greater than implied by the bonds' current -85 levels; would use Friday's rally to sell (particularly if you believe it was rates driven vs credit). For what it's worth, we've found Latam family offices that are very familiar the credit (and do like carry) are fully loaded and do not have incremental demand. Tazia Smith Director Key client Partners - US Deutsche Bank securities, Inc. From: Jeffrey Epstein [[email protected]] Sent: 01/12/2014 04:56 PM AST To: Tazia Smith Subject: Re: PDVSA chart + USDJPY Trade [C] do you think money good in 15 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107681 CONFIDENTIAL SDNY_GM_00253865 EFTA01451277