EFTA01361061.pdf

From: Paul Morris [[email protected]] Sent: 10/30/2015 6:13:11PM To: Stewart 0ldfield [[email protected] Subject: FW: Turkey and CNH [C] Intended to cc you, je called to tell me rich called the desk for pricing on yen/krw and was told likely get on Monday, he wasn't too happy, don't know what these guys are doing all day. Original Message From: Paul Morris Sent: Friday, October 30, 2015 01:35 PM Eastern Standard Time To: Vahe Stepanian; Daniel Sabba Subject: RE: Turkey and CNH [C] Classification: Confidential Vahe sound like he is looking for pricing for long yen /short Korean won, let's get this to him today not Monday, he's looking to trade thanks Paul Morris Managing Director Deutsche Bank Private Bank From: Vahe Stepanian Sent: Friday, October 30, 2015 11:27 AM To: Jeffrey E. Cc: Daniel Sabba; Ariane Dwyer; Paul Morris; Stewart Oldfield; Richard Kahn Subject: Turkey and CNH [C] Classification: Confidential Jeffrey — we're following up our phone calls earlier this week with two trade ideas: 1) Buy Turkey 5y CDS — currently @ —253 • It seems Turkey has rallied recently on the back of the broader macro EM rally and FOMC dovishness, although fundamentally not much has changed in Turkey • General elections are taking place this weekend, which have created increased tension within Turkey and continue to generate headlines • Recent opinion polls still point to another hung parliament (additional details in attached DB research piece) • Outright short EM positions have cleaned up extensively and we believe it makes sense to slowly build out those positions • Cheap funding has resulted in large rise in corporate debt in Turkey, some of which has been funded in foreign currency • Turkey foreign reserves amongst lowest of EM countries, second only to Ukraine CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0049865 CONFIDENTIAL SDNY_GM_00196049 EFTA01361061