EFTA Document EFTA01453912

3. position for a stronger dollar by buying ly 5% OTM SPOT EURUSD binary puts at 21% of payout. suggest do half (eur500k payout costing 0.21*500k) now, and the other half when spot 139-140 4. nationwide coco currently 6.42% offered. I suggest scaling in f2mm on an order at 6.5% and f2mm on order at 6.75% thanks Nay From: Nay Gupta/db/dbcom To: jeevacationegmail.com, Cc: Vinit Sahni , Paul Morris/ Smith Date: 14/04/2014 18:17 Subje Jeffrey - 4 trades I like - Nay [C] ct: , Tazia Classification: Confidential Hi Jeffrey, There hasn't been much I've really liked recently. Here are four trades - 3 I like right now and 1 for now or soon. 1) BUY lOy BTPs 0 3.16% - This is a 3-6mth 'buy the rumour sell the fact' tactical trade to position for ECB QE (now) The ECB is preparing both itself and markets for QE - Its senior board members have stepped up public comments over the past 48hrs. This is the clearest sign so far QE could happen and why I am writing to you now. Ideally ECB wants to buy ABS from small to medium sized European companies but the outstanding available is relatively small so it will likely buy Eurozone Government Bonds. The spread between Italian BTPs and German Bunds has tightened significantly past 18months but old metrics of value make no sense in Europe because they rely on history when there was no QE. while It's hard to get excited about lOy BTPs yielding 3.16% (164bp over 10V German Bunds) I'd still have CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 111766 CONFIDENTIAL SDNY_GM_00257950 EFTA01453912