EFTA Document EFTA01470839

Subject: Re: epstein [I] From: Nav Gupta < > Date: Wed, 10 Sep 2014 16:58:21 -0400 To: Paul Morris Cc: Tazia Smith Uzair Ageel >, Vinit Sahni Classification: For internal use only Paul, US compliance insist only kcp US can 'highlight' trades to US kcp clients. They and our compliance have become much clearer. Nav Original Message From: Paul Morris Sent: 09/10/2014 02:45 PM EDT To: Nav Gupta Cc: Tazia Smith; Uzair Ageel; Vinit Sahni Subject: Re: epstein [I] Classification: For internal use only thanks, who is showing to JE? Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 Office: 212-454-0701 Cell: From: Nav Gupta/db To: Paul Morris/db Cc: A Date: 09/10/2014 03:05 AM Subject: Re: epstein [I] Uzair Ageel/db Classification: For internal use only EFTA01470839 Paul - FX 1) sell 3mth 102 $Y Puts vs buy 111 $Y Calls roughly zero upfront prem (spot 106.50) 2) sell 3mth 1.5150 GBP put vs buy 1.685 Calls roughly zero upfront prem (spot 1.6150) 3) sell 6mth 1.35 eurusd calls vs buy 6mth 1.215 puts (spot 1.2950) of the 3 only the gbp has a decent vol pickup due to fear of yes vote in scotland referendum - but i like all the trades. if cable trades down to 1.50 there will be lots of UK real assets JE should be buying at that time. we beginning to think that some of the asian currencies where international investors are positioned for carry (like Indian rupee and indonsian rupiah) could begin to unwind if the usd continues to strengthen. can look at usd calls there overall like the us rates higher / stronger usd play. mkt shrugged off 140k payroll. its cheaper to bet on higher dollar than higher us rates. pricing some us rates risk/reversals will let u know if anything interesting USD Debt only loan funds which Vinit showed him earlier look attractive to us in US debt. anything with a core rates component looks like poor value as core rates are too low Financial SUB Debt in Europe T1 bank cocos are 50-100bp higher in yield compared to a month ago. they recovered more slowly after the summer selloff and have lagged both ends of the credit spectrum ie bank equity and snr debt. a typical french bank tl coco like socgen in usd perp callable in 2018 yields 6.60% mid. same credit ud perp callable in 2023 yields 7.40 mid id go for the 4y Japan - dont like the the play some investors are making buying payer swaptions to position for higher interest rates. BoJ will go down the same path as ecb and take rates -ve to encourage spending. nikkei risk reversals could make sense. cc'd Uzair who just joined the team. former trader and hf strategist. Nay From: Paul Morris/db/ To: Date: 09/09/2014 14:30 EFTA01470840 Subject: epstein [I] Classification: For internal use only hi, any ideas? what are you showing clients? more euro yen?? Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York, NY 10154 Office: 212-454-0701 Cell: EFTA01470841