From: Barrett, Paul S < >
Sent: Tuesday, October 27, 2015 3:50 PM
To: Brad Wechsler; Jeffrey Epstein (eevacation@gmail.com)
Cc: Barrett Team
Subject: Saudi rates and CDS
Saudi Rates and CDS
Chart 1 below shows=the spread between Syr Saudi and Syr US swap rates. As the country begins t= face a budget
shortfall, it's possible the government will have to s=art issuing more debt and therefore putting pressure on rates. The
spread has already widened 50bps to 92bps.
Chart 2 below shows=Saudi CDS
Syr Saudi CDS
apan style="font-size:8.Optfont-family:"Verdana","sans-
ser=f";color:05FSFSF">
<=pan style="font-size:8.0pt;font-family:"Verdana","sans-ser=f"">Paul Barrett Managing Director I Global Investment
Opportunities Group J.P. Morgan Securities LLC I J.P. Morgan Private Bank (=1.P. Morgan Chase Bank N.A.
320 Park Avenue, 14th Floor, New York, NY 10022 I (212)=622-2770 I F: (212) 310-0108
This email is confidential and subject to important disclaimers and conditio=s including on offers for the purchase or sale
of securities, accuracy and=completeness of information, viruses, confidentiality, legal privilege, and=legal entity
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disclaimers, available at http://www.jpmorgan.com/pages/disclosures/email
<http://www.jpmorgan.com/p=ges/disclosures/email> <=span>
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