EFTA01451330.pdf

future, and USD/MxN likely stable or stronger in real (deflated) terms, I think it is good value. The curve is steep. If you look at 10Y10Y UST and 10Y10Y MXN yields, the spread is above 500bp . Say inflation differential is 100bp higher in Mex and credit diff is 100bp (10Y CDS is about 100bp higher in mexico although mex has much better debt dyn), this still leaves about 300bp of cushion for real depreciation per year_In sum, it seems good value near term mark to market risk is slower pace of implementation of energy reform and a selloff in uSTs happy to discuss further if u find interesting... (Embedded image moved to file: pic25O81.gif) CNYWN chart courtesy Nav Gupta (shows relative value in Labour cost between china and mexico) (Embedded image moved to file: pic07202.gif) (Embedded image moved to file: pic16054.gif) Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & wealth Management 105/108 Old Broad St (Pinners Hall), EC2N lEN London, United Kingdom Tel. Mobil Email (Embedded image moved to file: pic25855.gif) 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. Fro Jeffrey Epstein <jeevacation0gmail.com> m: To: vinit sahni/db/dbcom@DBEmEA, Cc: Tazia Smith/db/dbcom@DBAMERICAS, "way Gupta (DEUTSCHE ASSET MANAG)" < , Paul morris/db/dbconeoBAmoticAs, vahe illMeparoliMIMPFAmericas Dat 13/01/2014 11:50 e: Sub Re: PDVSA chart + USDJPY Trade [C] jec t: CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107807 CONFIDENTIAL SDNY_GM_00253991 EFTA01451330