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. <7.45E2.gif> Vinit Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & Wealth Management 105/108 Old Broad St (Pinners Hall). EC2N 1EN London. United Kingdom Tel. Mobil Email <8.348.gif> Front Tazia Smi To: "jefircy cpstcin" <icoacationirainail.com> Cc: 'Via Sahni" "Nay Gupta (DEUTSCHE ASSET MANAG)" Date: Subject:Re: PDVSA chart + USDJPY Trade ICI Classification: Confidential Looping in Vinit here as he was recently involved with a large offering in the pdvsa credit and may have some take-aways. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0107952 CONFIDENTIAL SONY GM_00254136 EFTA01451390