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Ariane Dwyer <
>, Richard Kahn
Classification: Confidential
Jeffrey — please find live TWTR pricing below per your request.
el — Unwind existing TWTR.N European Call options:
Option Buyer:
Option Seller:
Shares:
Expiry:
Strike
Style:
Ref:
Offer:
Southern Financial LLC
DB
100,000
1/27/2016
$38.9662
European
$49.11 (Spot)
$1,377,000 (- 28.04%)
#2- Sell TWTR.N European Call options with $50 strike:
Option Seller:
Option Buyer:
Shares:
Expiry:
Strike
Style:
Ref:
Bid:
Southern Financial LLC
DB
100,000
1/27/2016
$50.00
European
$49.11 (Spot)
$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 Key Client Partners
Deutsche Bank Securities Inc.
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.
EFTA00639022
Cc: Paul Morris; Richard Kahn
Classification: Confidential
Jeffrey — please find updated TWTR trade details below (inclusive of initial strike), along with attached termsheet.
Total Return Swap:
DB
Southern Financial LLC
TWTR
100,000 shares
1/27/2016
1mL+ 75bps
Swap Seller:
Swap Buyer:
Ticker:
Size:
Expiry:
Spread:
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:
Option Buyer:
Shares:
Notional:
Type:
Style:
Expiry:
Strike
Premium client receives: $728,278.28 (18.69%)
Southern Financial LLC
DB
100,000
$3,896,620.00
Call
European
1/27/2016
$38.9662
Thank you,
Vahe
Cc: Vahe Stepanian; Paul Morris; Richard Kahn
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 1y TRS. Southern Financial went
short TWTR US 1y 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
EFTA00639023
Ticker:
Size:
Expiry:
Spread:
Resets:
Optional Early
Commissions:
Initial Strike:
TWTR
100,000 shares
1/27/2016
1mL+ 75bps
Monthly
Termination: Applicable, 3 days (two-way)
$0.03 per share in and out
commercially reasonable VWAP until today's close
European Call options on TWTR:
Option Seller:
Option Buyer:
Notional:
Expiry:
Strike:
Bid:
Regards,
Daniel
Southern Financial LLC
DB
100,000 OTC Call
1/27/2016
100% of TRS Initial Strike
18.69%
Daniel Sabba
Key Client Partners
Deutsche Bank Securities Inc.
Email
This communication may contain confidential and/or privileged information. If you are not the intended
recipient (or have received this communication in error) please notify the sender immediately and
destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this
communication is strictly forbidden.
Deutsche Bank does not render legal or tax advice, and the information contained in this
communication should not be regarded as such.
EFTA00639024