EFTA01434832.pdf

Subject: RE: GBP KO Fwd From: Paul Barrett ‹ > Date: Thu, 21 Dec 2017 23:14:52 -0500 To: Xavier Avila Cc: Martin Zeman Joshua Shoshan Stewart Oldfield I sold a GBP bond today for some tax planning so want to replace the GBP FX exposure. So you ike EURGBP downside? Paul Barrett Alpha Group Capital LLC 142 W 57th Street, 11th Floor, New York, NY 10019 (o) (c) From: Xavier Avila [mailto: Sent: Thursday, December 21, 2017 10:38 PM To: Paul Barrett Cc: Martin Zeman ; Joshua Shoshan ; Stewart Oldfield ‹ > Subject: RE: GBP KO Fwd Agree, not best moment to sell vol. Any reason you buying GBP? What about selling EURGBP? Better carry, les dependant on USD view if you are bullish GBP, I think 8850 still prices a lot of Brexit catastrophe scenarios. Spend the posiyive carry to buy an ATMS AKI or EKI fwd maybe? not EFTA01434832 sure how the barrier would look. Our catalan friends gave us another reason to doubt this EUR euphoria of the last months (you thought SA politics were conplicated, ha!!!) Xavier Avila Managing Director Office: Mobile: From: Paul Barrett alMIMI > Date: Thursday, Dec 21, 2017, 22:13 To: Xavier Avila e > Cc: Martin Zeman , Joshua Shoshan , Stewart Oldfield e > Subject: RE: GBP KO Fwd I think vol is too low to embed KOs. In fact what I do like is combining the long GBP call with a short GBP KI put (vol also too low for that right now). Paul Barrett Alpha Group Capital LLC EFTA01434833 142 W 57th Street, 11th Floor, New York, NY 10019 (o) (c) From: Xavier Avila [mailto: Sent: Thursday, December 21, 2017 8:49 PM To: Paul Barrett Cc: Martin Zeman ; Joshua Shoshan ; Stewart Oldfield ‹ > Subject: GBP KO Fwd We are currently at 1.3370 so not there on the order. A little idea to cheapen it up, we can look at variations or other ideas tomorrow. Xavi GBPUSD Spot 1.3370 GBPUSD 6m Fwd 1.3475 Buy 6m Forward Strike 1.3340 American Knock Out 1.4500 EFTA01434834 {cid:[email protected]} Xavier Avila Managing Director I Key Clients Partners Wealth Management Americas Deutsche Bank Securities Inc 345 Park Avenue, New York, NY, 10154-0004 Office Mobile Email Key Client Partners (KCP) Americas does not provide investment advice and the products, investment ideas and solutions and related matters discussed herein are provided for discussion purposes only, and strictly on a non- advisory basis. KCP products and services are intended and available only for persons who are sophisticated institutional investors within the meaning of the FINRA Rule 4512(C)(3), and who are capable of evaluating the strategies, characteristics and investment risks of, and exercising independent judgment in evaluating, the ideas and products discussed herein. Trades and transactions are subject to relevant internal approvals of DBSI or its affiliates prior to execution, and the execution of any transaction or idea discussed herein is conditional on your becoming a client of Deutsche Bank. The information set forth herein is confidential and personal to you and is being presented for your information and for discussion purposes only. Any reproduction and/or redistribution thereof (in whole or in part) or disclosure of its content without our written consent is strictly forbidden. This communication does not create any legally binding obligation on the part of DBSI or any of its affiliates. EFTA01434835 This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Please refer to https://db.com/disclosures for additional EU corporate and regulatory disclosures. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01434836