EFTA01451377.pdf

independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. Fro Jeffrey Epstein <[email protected]> m: To: vinit Sahni, Cc: Tazia smith , "Nay Gu to DEUTSCHE ASSET MANAG)" < Pau Morris , Vahe Stepanian Dat 13/01/2014 11:50 e: sub Re: PDVSA chart a USDJPV Trade (C] jec t: thanks , lets keep On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni a> wrote: Classification: Confidential This attached image shows the current pricing on the curve, which is slightly weaker than it was in early December. I have also added the term structure of PDVSA and VENZ sovereign bonds, which gives us some relative value across the curve Bouts of volatility will likely remain an issue and therefore it will trade like a short tail risk trade. However, given that access to dollars remains key for Venezuela, we should expect the government to do whatever they can to avoid a problem servicing these bonds (or even the perception of the same). They do have a heavy amortization schedule in 2014 and 2015. (Embedded image moved to file: pic18786.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. mobile Email (Embedded image moved to file: pic24660.gif) From Tazia Smith/ To: "Jeffrey epstein" <jeeyacationOgmail.como, Cc: "Vinit Sahni" a "Nay Gupta (DEUTSCHE ASSET MANAG)" CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107914 CONFIDENTIAL SDNY_GM_00254098 EFTA01451377