EFTA Document EFTA01451351

Monisidb/dbcomCDBAMERICAS. Vahe Stepanianfdb/dbcom@DBAmericas Data 13/0112014 11:50 Subject. Ro: PDVSA chart • USDJPY Trade (C) thanks , lets keep 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. Vinit Sahni Managing Director I Global Head - Professional Cliert Group & Key Client Partners Capital Markets Group Deutsche Asset & Wealth Management 105/108 Old Broad St (Pinnate Hail), EC2N 1 EN London. United Kingdom Pan itri4u Perpron. From Tazla Smithrdb/dbcomeD8AMERICAS To. Jeffrey epstein" leeyaostiontlgmagpom›, Cc: "Vinit Sahni" "Nay Gupta (DEUTSCHE ASSET MANAGy Date. Subject Re: PDVSA chart • USDJPY Trade (C) 12/012014 22.52 CONFIDENTIAL - PURSUANT TO FED. R. GRIM. P. 6(e) DB-SDNY-0 107863 CONFIDENTIAL SDNY_GM_00254047 EFTA01451351