Cc. Tazia Smilhidbrdbcom@DBAMERICAS."Nav Gupta (DEUTSCHE ASSET MANAG Paul
Morrieddb/dbcom@DBAMERICAS, Vane Steparian/db/dbcom@DEAmericas
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 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 Sahni
Managing Director I Global Head • Professional Cliert Group 8 Key Client Partners Capital Markets Group
Deutsche Asset 8 Wealth Management
rs Hall) EC2N lEN London. United Kingdom
Pasciawhy Peefort.
From Tazia SmithMbrdbcom@DBAMERICAS
To. "Jeffrey °este " • • I corn>.
Cc' '" "Nay Gupta (DEUTSCHE ASSET MANAG)"
Date: 12101/2014 22:52
Subject: Re: PDVSA chart • USDJPY Trade (C)
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0101046
CONFIDENTIAL SDNY_GM_00247230
EFTA01446710