Tel. +44(20)754-13392
Mobile +447920-138521
Email vinit.sahnicadb.com
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From: Tazia Smith/db/dbcom@DBAMERICAS
To: "jeffrey epstein" <jeevacation(agmail.com>,
Cc: "Vinit Sahni" <vinit.sahni@db.com>, "Nav Gupta (DEUTSCHE ASSET MANAG)"
<guanavn@bloomberg.net> paul.morris@db.com vahe.stepaniatViDdb.com
Date: 12/01/2014 22:52
Subject:Re: PDVSA chart + USDJPY Trade [C]
Classification: Confidential
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
CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107997
CONFIDENTIAL SONY GM_00254181
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