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.
<7.45E2.gif>
Vinit Sahni
Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets
Group
Deutsche Asset & Wealth Mana ement
EC2N lEN London. United Kingdom
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107996
CONFIDENTIAL SONY GM_00254180
EFTA01451412