To. Wit Sahli:id&
CC: Tazia Sm. Nav Gupta (tirdlialiiirAGT Paul
Monis/db/ a Stepanian/d
Date: 13/01/201411:50
Subject: Re: PDVSA chart + USDJPY Trade (C)
thanks , lets keep
On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni 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.
Vinit Salt
Managing Director I Global Head - Professional Cheri Group & Key Client Partners Capital Markets Group
Deutsche Asset & Wealth Management
105/108 Old &oad St (Pinnors Hall). EC2N 1EN London, United FOrqdom
PARTritn,--tv- Pe•fornt.
From. Tazia SmitW0tMl l
To. lefty epeteln" leevacationgbomall.comv,
Cc: "Nay Gupta (DEUTSCHE ASSET MANAGT <
Date. 12/01/201422:52
Subject. Re: PDVSA chart + USDJPY Trade (C)
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101019
CONFIDENTIAL SDNY_GM_00247203
EFTA01446697