To: jeevacation ' ' ' om]; Jeffrey epstein[Jeevacation@gmaitcom]
Cc: Ens, Amand
From: Barrett, Paul
Sent Tue 10/9/2012 7:22:15 PM
Subject: RE: Venezuela
Correct
Both NY law.
a) The 2017N issued bond; 8.50% coupon; sinking fund (payable over 2015, 2016, 2017); $6BLN issue size;
12.30% yield
b) The other one has a coupon of 5.25% matures Apr 2017. $3.5BLN issue size; 12.00%
We like (a)
Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
320 Park Avenue, 14th Floor, New York, NY 10022
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From: jeffrey epstein [mailto:jeevacation@gmail.corn]
Sent: Tuesday, October 09, 2012 1:25 PM
To: Barrett, Paul
Subject: Re: Venezuela
There arc two 2017
Sent from my iPad
On Oct 9, 2012, at 4:34 PM, "Barrett, Paul S ote:
Hi Jeffrey
Given that we expected a Chavez win, I am a little surprised that the bonds are trading
down 3 points (around 4%). There has been some noise out of Argentina where a local
province repaid a coupon on a bond in ARS when it should be in USD. So this is putting
pressure on the region.
I think this is an interesting level to buy the PDVSA 2017 bond. Currently yielding
12.20%. Passive play on oil.
Would do $1.5mm.
Let me know
Paul
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Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
320 Park Avenue, 14th Floor, New York, NY 10022
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