Text extracted via OCR from the original document. May contain errors from the scanning process.
"Nelson, Justin D" <
"Fennessey, Stephanie"
Brad
Bonds are 103.375 bid this morning. So let's pass.
For a higher risk trade buying the local BRL bonds could make sense. BRL is down 6% this week. So buying the Brazil
10.25% 2028 (govie bond linked to BRL) would be a good way to play both a rebound in the bond price and the fx. Bonds
are down from 105.
Brazil 10.25% 2028 @ 103 (ytm 9.78%)
Paul
Paul Barrett I Managing Director I Global Investment Opportunities Group I J.P. Morgan Securities LLC I J.P. Morgan Private
Bank I J.P. Morgan Chase Bank N.A.
320 Park Avenue, le Floor, New York, NY 10022
NOT AN OFFICIAL CONFIRMATION: For informational purposes only. This report does not represent an official account of the
holdings, balances, or transactions made in your account and is being provided at your request. Please refer to your monthly account
statement for the official record of all of your account activities. For question, please call your J.P. Morgan representative.
In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks
will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in
general, as well as the products or strategies discussed herein are suitable to their needs. In actual transactions, the client's
counterparty for OTC derivatives applications is JPMorgan Chase Bank, N.A., and affiliates. For a copy of the "Characteristics and Risks
of Standardized Options" booklet, please contact your JPMorgan Advisor.
For clients domiciled in Australia, J.P. Morgan Chase Bank, N.A. (ABN 43 074 112 011) holds an Australian Financial Services Licence
No. 238367. It is subject to the supervision of the Australian Prudential Regulation Authority and the Australian Securities and
Investments Commission. J.P. Morgan Securities LLC is a V.S. registered broker-dealer incorporated in Delaware, U.S.A. (ABRN
#109293610)
This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities,
accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at
Sf
://vAvw.Ipmorgan.coranges/disclosures/email.
Cc: Jeffrey Epstein (jeevacation@gmall.com); Barrett Team; Nelson, Justin D; Fennessey, Stephanie
Hi Brad
Petrobras bonds are down 4-10 points today. I think this move is overdone and recommend the following trade:
Buy Petbra 6.125% 2022 @ 101.25. The bonds are down 4 points today. Yield 5.81%.
EFTA00667598
Petrobras continues to de-lever the balance sheet. We expect the company to be at 2.5x leverage by year end
Prenominal Q1 earnings
USD denominated so no explicit FX risk
Paul
Paul Barrett I Managing Director I Global Investment Opportunities Group 13.P. Morgan Securities LLC I J.P. Morgan Private
Bank I 3.P. Morgan Chase Bank N.A.
320 Park Avenue, 14th Floor, New York, NY 10022
NOT AN OFFICIAL CONFIRMATION: For informational purposes only. This report does not represent an official account of the
holdings, balances, or transactions made in your account and is being provided at your request. Please refer to your monthly account
statement for the official record of all of your account activities. For question, please call your J.P. Morgan representative.
In discussion of options and other strategies, results and risks are based solely on hypothetical examples cited; actual results and risks
will vary depending on specific circumstances. Investors are urged to consider carefully whether option or option-related products in
general, as well as the products or strategies discussed herein are suitable to their needs. In actual transactions, the client's
counterparty for OTC derivatives applications is JPMorgan Chase Bank, N.A., and affiliates. For a copy of the "Characteristics and Risks
of Standardized Options" booklet, please contact your JPMorgan Advisor.
For clients domiciled in Australia, J.P. Morgan Chase Bank, N.A. (ABN 43 074 112 011) holds an Australian Financial Services Licence
No. 238367. It is subject to the supervision of the Australian Prudential Regulation Authority and the Australian Securities and
Investments Commission. J.P. Morgan Securities LLC is a U.S. registered broker-dealer incorporated in Delaware, U.S.A. (ABRN
4109293610)
This email is confidential and subject to important disclaimers and conditions including on offers for the purchase or sale of securities,
accuracy and completeness of information, viruses, confidentiality, legal privilege, and legal entity disclaimers, available at
I tp://www.ipmorgan.com/pages/disclosures/email.
This message is confidential and subject to terms at: http://www.jpmorgan.com/emaildisclaimer including on
confidentiality, legal privilege, viruses and monitoring of electronic messages. If you are not the intended
recipient, please delete this message and notify the sender immediately. Any unauthorized use is strictly
prohibited.
EFTA00667599