Email from Jeffrey Epstein [ieevacation@gmail.com (01/12/2014)

Looping in Vinit here as he was recently involved with a large offering in the pdvsa credit and may have some take-aways. My view is the bonds are money good in 2015, as of now, but you are not looking for yield carry (as discussed), and the risks of restructuring and near-term downside due to politics specific to venezuela and chatter around EM assets at large are likely greater than implied by the bonds' current -85 levels; would use Friday's rally to sell (particularly if you believe i