EFTA01479489.pdf

Subject: Zero Cost WTI Collar 101/94.5, spot ref 97.75 [I] From: Tazia Smith .;: > Date: Fri, 14 Mar 2014 10:07:05 -0400 To: [email protected] Cc: Vinit Sahni Nay Gupta < Paul Morris Vahe Stepanian < Classification: For internal use only Good Morning Jeffrey - Crude ticking up this AM as you know, you can add to your risk reversal with the same 101 strike call with a 94.50 indicative sold put (vs. your 93.50 yesterday. Let us know: WTI Jun14 You buy call, strike 101 You sell put, strike X 100 lots on each leg Costless package Both legs knock out if WTI Jun14 setttles below $20/bbl on any day during the trade Jun14 ref 97.75 X = 94.50 Initial Margin: 13% TDS (Embedded image moved to file: pic05794.gif) Forwarded by Tazia Smith/db/dbcom on 03/14/2014 09:52 AM From: Vanshree Verma/db/dbcom@DBEMEA To: [email protected], Date: 03/14/2014 03:53 AM Subject: Markets opening weaker. Kerry and Lavrov meeting today key I KCP Capital Markets ( I) Risk aversion continues from yesterday as we approach the weekend. Nikkei -3.3.%, MICEX (Russia) -4%, DAX futures -1% Commodities have remained relatively stable despite the movements in other markets WTI and Gold (charts below) have hardly reacted There is increasing nervousness ahead of Sunday's referendum in Crimea. G7 leaders said they would not recognize the outcome of the referendum, while Russia has maintained that they were prepared to "mirror" any sanctions There were reports of Russian military "training exercises" along the border yesterday EFTA01479489 Key events to watch today: 1) Russian Foreign minister Sergei Lavrov and US Secy of State John Kerry meet in London. This is a last-ditch effort to de-escalate the situation 2) Central Bank of Russia meeting today at 9:30 where Bloomberg survey expects no change Swaps curve is pricing in over a 100bp hike. How will the central bank react to FX pressures? Ongoing tensions justify a cautious approach into the weekend. Tactically go long 1m WTI Calls 101 ($1) and short DAX Russia 5y swap (Embedded image moved to file: pic14635.gif) Wit Crude Oil future Apr14 (Embedded image moved to file: pic11348.gif) Gold spot price (Embedded image moved to file: pic27836.gif) (Embedded image moved to file: pic08014.gif) Vanshree Verma Deutsche Bank AG, Filiale London Global Client Group 105/108 Old Broad St (Pinners Hall), EC2N IEN London, United Kingdom Tel. Mobil Email Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the part of Deutsche Bank AG and / or its affiliates ("DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID), who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. (Embedded image moved to file: picI0214.gif) This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. Any unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to http://www.db.com/en/content/eu_disclosures.htm for additional corporate and regulatory EU disclosures and to http://www.db.com/unitedkingdom/content/privacy.htm for information about privacy. EFTA01479490