Subject: FW: Live TWTR Pricin [C]
From: Vahe Stepanian
Date: Tue, 31 Mar 2015 11:34:45 -0400
To: Paul Morris ‹ >
Classification: Confidential
2 of 3
From: Vahe Stepanian
Sent: Monday, March 30, 2015 3:02 PM
To: Jeffrey Epstein
Cc: Daniel Sabba; Ariane Dwyer; Richard Kahn
Subject: Live TWTR Pricing [C]
Classification: Confidential
Jeffrey — please find live TWTR pricing below per your request.
#1 — Unwind existing TWTR.N European Call options:
Option Buyer: Southern Financial LLC
Option Seller: DB
Shares: 100,000
Expiry: 1/27/2016
Strike $38.9662
Style: European
Ref: $49.11 (Spot)
Offer: $1,377,000 (-28.04%)
#2 - Sell TWTR.N European Call options with $50 strike:
EFTA01472677
Option Seller: Southern Financial LLC
Option Buyer: DB
Shares: 100,000
Expiry: 1/27/2016
Strike $50.00
Style: European
Ref: $49.11 (Spot)
Bid: $718,000 (-14.62%)
I've included original TWTR trade details (from 1/27/2015) below for your
convenience. We will call you to follow up.
Thank you,
Vahe
Vahe Stepanian
Assistant Vice President I Key Client Partners
Deutsche Bank Securities Inc.
Tel.
Mobile
Email
All trade execution information contained herein is being provided as an
accommodation at your request in advance of your receipt of the official
trade confirmation(s). Additional trade detail information available upon
request. The terms of the trade(s) may be subject to change prior to
settlement, and therefore the official trade confirmation(s) and account
statements issued by Deutsche Bank shall govern. Deutsche Bank is not
responsible for any discrepancy between the informal execution report and
the official trade confirmation(s) or account statements.
EFTA01472678
From: Vahe Stepanian
Sent: Tuesday, January 27, 2015 5:50 PM
To: Daniel Sabba; jeffrey E.
Cc: Paul Morris; Richard Kahn
Subject: RE: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly
calls [C]
Classification: Confidential
Jeffrey — please find updated TWTR trade details below (inclusive of initial
strike), along with attached termsheet.
Total Return Swap:
Swap Seller: DB
Swap Buyer: Southern Financial LLC
Ticker: TWTR
Size: 100,000 shares
Expiry: 1/27/2016
Spread: 1mL+ 75bps
Resets: Monthly
Optional Early Termination: Applicable, 3 days (two-way)
Commissions: $0.03 per share in and out
Initial Strike: $38.9662 (Gross) / $38.9962(Net)
European Call options on TWTR:
Option Seller: Southern Financial LLC
Option Buyer: DB
Shares: 100,000
EFTA01472679
Notional: $3,896,620.00
Type: Call
Style: European
Expiry: 1/27/2016
Strike $38.9662
Premium client receives: $728,278.28 (18.69%)
Thank you,
Vahe
From: Daniel Sabba
Sent: Tuesday, January 27, 2015 2:14 PM
To: jeffrey E.
Cc: Vahe Stepanian; Paul Morris; Richard Kahn
Subject: Trade Recap - 01/27/2015 - Long TWTR on ly TRS, Short TWTR ly calls
[C]
Classification: Confidential
Jeffrey, per our phone conversation, Southern Financial LLC entered into the
following transactions with Deutsche Bank AG, acting through its London
branch. Southern Financial went long TWTR US through ly TRS. Southern
Financial went short TWTR US ly European Calls struck at 100%. Initial
strike on both transactions to be commercially reasonable VWAP until today's
close. The Initial Margin on these transactions is 30% of Notional.
Termsheet and official confirm to follow.
Total Return Swap:
Swap Seller: DB
Swap Buyer: Southern Financial LLC
Ticker: TWTR
EFTA01472680
Size: 100,000 shares
Expiry: 1/27/2016
Spread: 1mL+ 75bps
Resets: Monthly
Optional Early Termination: Applicable, 3 days (two-way)
Commissions: $0.03 per share in and out
Initial Strike: commercially reasonable VWAP until today's close
European Call options on TWTR:
Option Seller: Southern Financial LLC
Option Buyer: DB
Notional: 100,000 OTC Call
Expiry: 1/27/2016
Strike: 100% of TRS Initial Strike
Bid: 18.69%
Regards,
Daniel
Daniel Sabba
Key Client Partners
Deutsche Bank Securities Inc.
Tel.
Mobile
Email
EFTA01472681
EFTA01472682