EFTA01467004.pdf

Subject: Re: Fw: percenta es et a read from your team [C] From: Tazia Smith < Date: Tue, 04 Feb 2014 14:33:18 -0500 To: Nav Gupta < > Vinit Sahni < >, Paul Morris < > Classification: Confidential (Embedded image moved to file: pic17160.gif) (Embedded image moved to file: pic14741.gif) Tazia Smith Director I Key Client Partners - US Deutsche Bank Securities Inc Deutsche Asset & Wealth Management 345 Park Avenue, 26th Floor New York, NY 10154 Tel. Fax Mobi Email (Embedded image moved to file: pic09327.gif) From: Nav Gupta/db/dbcom@DBEMEA To: Tazia Smith/db/dbcom@DBAMERICAS, Cc: Paul Morris/db/dbcom@DBAMERICAS, Vinit Sahni/db/dbcom@DBEMEA Date: 02/04/2014 02:02 PM Subject: Re: Fw: percentages get a read from your team [C] Classification: Confidential against JE's short oil personally id buy a 5y 5-10% OTM call on WTI as a hedge EFTA01467004 because the vol is low and the fwds are are too steep. For the record i like being short oil but itrs over-priced by the fwds. what structure did you come up with? i agree with 50% us exposure. us asset convexity to growth is higher than other countries i would suggest some levered exposure to the FX of countries at the front of the hiking cycle relative to those still easing Long GBP, USD, Short AUD, NZD, CAD (which he already has), Am neutral EUR (ECB is cutting rates but real money and reserve managers are underweight EUR and overweight USD) European credit - there are european bank coco bonds (hybrid bonds that pay high cpns provided bank tierl capita ratios dont fall below a certain level). While they are perpetual, some have highly likely call features in 4y. See the BBVA in USD i sent details on earlier. Short duration high spread makes sense but id hold off on buying they may cheapen into supply over the next cpl mths. def to watch From: Tazia Smith/db/dbcom@DBAMERICAS To: Vinit Sahni/db/dbcom@DBEMEA, Nav Gupta/db/dbcom@DBEMEA, Paul Morri s, Date: 04/02/2014 17:58 Subject: Fw: percentages get a read from your team [C] Classification: Confidential - Have some recommendations for modifications to the equity baskets (Healthcare, Financials, Europe, Japan)* - Would like to see 5-10% in Tech in US -> take 5% from mortgages, possibly 2-5% from europe and/or 2-5% from energy - PO vs. IO in mortgages? 5% down from 10% (will speak with traders on existing plus opportunistic entry) - Add the near-term short crude trade to the energy allocation, 2% *details to follow. example 1: (Embedded image moved to file: pic14796.gif) EFTA01467005  Forwarded by Tazia Smith/db/dbcom on 02/04/2014 10:30 AM From: Jeffrey Epstein <[email protected]> To: Tazia Smith/db/dbcom@DBAMERICAS, Paul Morris/db/dbcom@DBAMERICAS, Date: 02/02/2014 08:59 PM Subject: percentages get a read from your team Inline image 1 *********************************************************** The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to [email protected], and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved EFTA01467006