From: Paul Morris
Sent: 2/2/2035 11:14:52AM
To: Daniel Sabba
Subject: Re: Trade Recap - 01/13/2014 - DB Sells $lOmm FEDERATIVE REPUBLIC OF BRAZIL 20-Mar-2020 CDS @ 205 with
SOUTHERN FINANCIAL LLC (live) (CI
Classification: Confidential
Thanks, I'm on west coast, catch up later in week.
From: Daniel Sabba
Sent: Saturday, January 31, 2015 05:12 PM
To: 'jeevacation@gmail.com' <jeevacation@gmail.com>
Cc: >; Paul Morris; Vahe Stepanian
Subject: Re: Trade Recap - 01/13/2014 - DB Sells $10mm FEDERATIVE REPUBLIC OF BRAZIL 20-Mar-2020 CDS @ 205
with SOUTHERN FINANCIAL LLC (live) [C]
Classification: Confidential
With petrobras downgrade, this closed at 228 / 232 on Friday. When you entered, it was 201 / 205. This is a pnl of
approximately $120k.
From: Daniel Sabba
Sent: Tuesday, January 13, 2015 01:42 PM
To: jeevacation@gmail.com <jeevacation@gmail.com>
Cc: ; Paul Morris; Vahe Stepanian
Subject: Trade Recap - 01/13/2014 - DB Sells $10mm FEDERATIVE REPUBLIC OF BRAZIL 20-Mar-2020 CDS © 205 with
SOUTHERN FINANCIAL LLC (live) [C]
Classification: Confidential
Jeffrey, per our phone conversation, Southern Financial LLC entered into the following credit default swap with Deutsche
Bank AG, acting through its London branch. Southern Financial bought default protection from DB. The Initial Margin on
this trade is 1% of Notional. Official confirm to follow.
BraSov default swap with SOUTHERN FINANCIAL LLC DB Sells default protection on FEDERATIVE
REPUBLIC OF BRAZIL
NOTIONAL : USD 10,000,000
TRADE DATE : 13-Jan-2015
IM2 : 1
EFFECTIVE : 14-Jan-2015
TERMINATION : 20-Mar-2020
REF OB : BRAZIL 12.25% OF 03/30 ISIN: U5105756AL40
CREDIT EVENTS : Failure to Pay, R, Repudiation/Moratorium
ISDA Definition : 2014
PRICE : 205 bps per annum (COUPON: 100 bps per annum)
UPFRONT FEE : DB Receive USD 491,941
STANDARD TRADE : Yes
HARDWIRING : Yes
CLEARING HOUSE : No
Trade details:
Thank you for the trade,
Daniel
CONFIDENTIAL — PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 115795
CONFIDENTIAL SDNY_GM_00261979
EFTA01456557