EFTA01451404.pdf

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. Deutsche Asset & Wealth Management New York, NY 10154 Tel: Mo Fax: E-m From: Jeffrey Epstein [[email protected]] Sent: 01/12/2014 04:56 PM AST CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107980 CONFIDENTIAL SONY GM_00254164 EFTA01451404