Cc: Tazia Smith/db/dbcom@DOAMERICAS, "Nay Gupta (DEUTSCHE ASSET MANAG)"
, Paul
Morris b/dbcom@DBAMERICAs, vahe Stepanian/db/dbcom@OSAmericas
Date: 13/01/2014 11:50
Subject: Re: PDVSA chart + USDJPY Trade [C]
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: pic30041.gif)
Vinit Sahni
Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group
Deutsche Asset & wealth Management
inners Hall), EC2N lEN London, united Kingdom
Email
(Embedded image moved to file: pic0692S.gif)
From: Tazia smith/db/dbcom@DBAMERICAs
To: "jeffrey epstein" •t i•
Cc: "vinit Sahni" , "Nay Gupta
(DEUTSCHE ASSET MANAG)"
Date: 12/01/2014 22:52
Subject: Re: PDVSA chart + USDJPY Trade [c]
Classification: Confidential
Looping in vinit here as he was recently involved with a large offering in the pdvsa credit and may
have some take-aways.
CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 100983
CONFIDENTIAL SDNY_GM_00247167
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