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Vinit Sahni
Managing Director I Global Head - Professional Client Group & Key Client
Partners Capital Markets Group
Deutsche Asset & Wealth Management
105/ ers Hall), Ec2N lEN London, united Kingdom
Tel.
Mobi
Emai
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Partners ("KCP") London desk for discussion purposes only, and do not create
any legally binding obligation on the part of Deutsche Bank AG and / or its
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Fro Jeffrey Epstein <jeevacation@gmail.com>
m:
To: Vinit Sahni/db/dbcomODBEMEA,
Cc: ' BAMERICAS, "Nav Gupta (DEUTSCHE ASSET MANAG)" <
, Paul morris/db/dbcon@OBANIERICAS, Vahe
Stepani an comODBAmericas
oat 13/01/2014 11:50
e:
Sub Re: PDVSA chart + USDJPY Trade [C]
jec
t:
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.
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 107657
CONFIDENTIAL SDNY_GM_00253841
EFTA01451268