From: Tazia Smith To: "jeffrey epstein" leevacation®gmail.cotn>, Vinit Sahni Cc: "Nav Gupta (DEUTSCHE ASSET MANAG , Vahe Stepanian Subject: Re: PDVSA chart + USDJPY Trade [C] Date: Mon, 13 Jan 2014 14:29:37 +0000 Importance: Normal Inline-Images: unnamed; unnamed(1) 11 Paul Morris Classification: Confidential Jeffrey - Any thoughts on the SY trade idea? Separately, we did not have a chance to discuss specifically, but consider selling: OHYFX (JPM high yield mutual fund) and DAG (DB double levered Agriculture ETN) Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 From: Jeffrey Epstein [[email protected]] Sent: 01/13/2014 07:49 AM AST To: Vinit Sahni Cc: Tazia Smith; "Nav Gupta (DEUTSCHE ASSET MANAG)" Subject: Re: PDVSA chart + USDJPY Trade (C] thanks , lets keep ; Paul Morris; Vahe Stepanian On Mon, Jan 13, 2014 at 7:47 AM, Vinit Sahni < > wrote: Classification: Confidential This attached image shows the current pricing on the curve, which is slightly weaker than it was in early December. I have also added the term structure of PDVSA and VENZ sovereign bonds, which gives us some relative value across the curve Bouts of volatility will likely remain an issue and therefore it will trade like a short tail risk trade. However, given that access to dollars remains key for Venezuela, we should expect the government to do whatever they can to avoid a problem servicing these bonds (or even the perception of the same). They do have a heavy amortization schedule in 2014 and 2015. EFTA01141022