Looping in Vinit here as he was recently involved with a large
offering in the pdvsa credit and may have some take-aways.
My view is the bonds are money good in 2015, as of now, but
you are not looking for yield carry (as discussed), and the risks
of restructuring and near-term downside due to politics specific
to venezuela and chatter around EM assets at large are likely
greater than implied by the bonds' current —85 levels; would use
Friday's rally to sell (particularly if you believe it was rates
driven vs credit). For what it's worth, we've found Latam family
offices that are very familiar the credit (and do like carry) are
fully loaded and do not have incremental demand.
Tazia Smith
Director
Key Client Partners - US
Deutsche Bank Securities, Inc.
Deutsche Asset & Wealth Management
New York, NY 10154
Tel:
Mo
Fax:
E-m
From: Jeffrey Epstein [ieevacation@gmail.com]
Sent: 01/12/2014 04:56 PM AST
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107980
CONFIDENTIAL SONY GM_00254164
EFTA01451404