EFTA01139807.pdf

From: Tazia Smith To: "jeffrey epstein" <jeevacation®gmail.com> Subject: Re: PDVSA chart + USDJPY Trade [C] Date: Mon, 13 Jan 2014 19:07:10 +0000 Importance: Normal Inline-Images: unnamed; unnamed(1) Classification: Confidential Ty be back Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York. NY 10154 Tel: Mobi Fax: E-mail: From: Jeffrey Epstein [jeevacation@gmail.com] Sent: 01/13/2014 03:06 PM AST To: Tazia Smith Subject: Re: PDVSA chart + USDJPY Trade [C] slow ok On Mon, Jan 13, 2014 at 3:03 PM, Tazia Smith < wrote: Classification: Confidential Working 20pct of volume given liquidity. let us know if you want to be more aggressive. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 Tel: EFTA01139807 Mobile Fax: (6 / E-mail: From: Tazia Smith Sent: 01/13/2014 01:57 PM EST To: "jeffrey epstein" <jeevacation®gmail.com> Cc: Vahe Stepanian Subject: Re: PDVSA chart + USDJPY Trade [C] Classification: Confidential On it Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 Tel: Mobil Fax:( E-mail: From: Jeffrey Epstein [jeevacation®gmail.com] Sent: 01/13/2014 02:55 PM AST To: Tazia Smith Subject: Re: PDVSA chart + USDJPY Trade [C] buy 25 000 . foundation medicine On Mon, Jan 13, 2014 at 10:29 AM, Tazia Smith > wrote: Classification: Confidential Jeffrey - Any thoughts on the $Y trade idea? Separately, we did not have a chance to discuss specifically, but consider selling: OHYFX (JPM high yield mutual fund) and DAG (DB double levered Agriculture ETN) EFTA01139808 Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 Tel: Mobil Fax: E-mail: From: Jeffrey Epstein [jeevacation@gmail.com] Sent: 01/13/2014 07:49 AM AST To: Vinit Sahni Cc: Tazia Smith; "Nav Gupta (DEUTSCHE ASSET MANAG)" <g ; Paul Morris; Vahe Stepanian Subject: Re: 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. %Anil Sahni Managing Director I Global Head - Professional Client Group & Key Client Partners Capital Markets Group Deutsche Asset & Wealth Management 105/108 Old Broad St (Pinners Hall). EC2N 1EN London. United Kingdom Tel. Mobila 1 Email EFTA01139809 From: Tazia Smith/db/dbcorn@DBAMERICAS To: "jam Epstein" lea on grin. Cc: "Vinit Sahni" . "Nay Gupta (DEUTSCHE ASSET MANAG)" < Date: 12/01/2014 22:52 Subject: Re: PDVSA chart + USDJPY Trade (CJ Classification: Confidential 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 it was rates driven vs credit). For what it's worth, we've found Latam family offices that are very familiar the credit (and do like carry) are fully loaded and do not have incremental demand. Tazia Smith Director Key Client Partners - US Deutsche Bank Securities, Inc. Deutsche Asset & Wealth Management 345 Park Avenue - 26th Floor New York, NY 10154 Tel:.( Mobi Fax:. E-mail: From: Jeffrey Epstein [jeevacation@gmail.com] Sent: 01/12/2014 04:56 PM AST To: Tazia Smith Subject: Re: PVDSA chart + USDJPY Trade [C] do you think money good in 15 On Sun, Jan 12, 2014 at 4:38 PM, Tazia Smith ca wrote: Classification: Confidential EFTA01139810 Jeffrey: Please find the chart of PDVSA 5% 10/28/15 price history below. as well as a description of the USDJPY 10w trade that we briefly discussed on Friday. Speak with you soon. Tazia PDVSA 5 10/28/15 $ 185.500 +1. . 1411.7 %.s T 0.250 12/31/2015 As of 10 Jan Vol 989.0M Op 84.000 Hi 85.500 Lo 83.300 Yld 14.489 TRAC I19 save El Grose »e.. Lo” SY Max Loaftv_ El r securindstudy 4). Track Anniptate News 0, Zoom Used with permission of Bloomberg Finance LP. 1/10114 — Forwarded by Tazia Smith/db/dbcom on 01/1212014 03:29 PM From: Nav GuptaMb/dbcom@DBEMEA To: Tazia Smith/db/dbcorn®DBAMERICAS. Date: 01/1012014 08:21 AM Subject: SY (I] Classification: For internal use only Long SY Call Options. We like long expiry options to benefit from the present dislocation between interest rates and volatility Deutsche Bank FX Strategists are calling for USDJPY of 115 by year-end 2014. and 120 by year-end 2015. See DB FX Blueprint published 1/9/14. and note that #2 of the top 10 themes of 2014 (p. 5-6) revolves around extended weakness in the Japanese Yen vs. USD. Consider a 10year expiry SY call option struck at 85 (spot fx 105. forward Ix 77.70). Price 4.7% of USD notional This option has four notable characteristics • If Sr stays at these levels the option decays positively by approx 15-20% per year • If SY trades 90.00 at any time (arguably a scenario in which the option is no longer wanted) the option -knocks-our and becomes worthless. While SY might decline to 90. our quantitative analysis indicates the probability of such a decline is significantly (double?) overpriced by the options market • The premium of the option is quite sensitive to moves in SY spot - which is atypical for a 10year option. This also results from the knockout feature. This means if SY moves quickly by 5% the option increases / decreases in value by almost half. so If SY rises to 110 or 115 the option can easily be unwound to monetize the profit • The option costs roughly 1/3rd compared to the vanilla 85 strike call EFTA01139811  • Maximum loss is premium paid Nay Gupta Managing Director Deutsche Bank AG, Finale London Deutsche Asset 8 Wealth Management 105/108 Old Broad St (Pinners Hall), EC2N 1EN London, United Kingdom Tel. + Mobil Email Any proposed ideas are being delivered to you by the DeAWM Key Client Partners ("KCP") London desk for discussion purposes only, and do not create any legally binding obligation on the pad of Deutsche Bank AG and f or its affiliates (-DB"). These ideas are for the consideration of the intended recipients of this mail only. The KCP London desk does not provide investment advice. All intended recipients are Professional investors (as defined by MiFID). who understand the strategy, characteristics and risks associated with any ideas proposed herein and will be able to evaluate it independently. All trades on proposed ideas shall be subject to the relevant internal approvals prior to execution. Tazia Smith Director I Key Client Partners -US Deutsche Bank Securities Inc Deutsche Asset 8 Wealth Management 345 Park Avenue. 26th Floor Nob Tel. +1 Fax +1 Mobile Email This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. *********************************************************** EFTA01139812  The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This e-mail may contain confidential and/or privileged information. If you are not the intended recipient (or have received this e-mail in error) please notify the sender immediately and delete this e-mail. My unauthorized copying, disclosure or distribution of the material in this e-mail is strictly forbidden. Please refer to http://www.db.com/en/content/eu disclosures.htm for additional EU corporate and regulatory disclosures. The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01139813  **######################################################### The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. *******#######################***************************** The information contained in this communication is confidential, may be attorney-client privileged, may constitute inside information, and is intended only for the use of the addressee. It is the property of Jeffrey Epstein Unauthorized use, disclosure or copying of this communication or any part thereof is strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by return e-mail or by e-mail to jeevacation@gmail.com, and destroy this communication and all copies thereof, including all attachments. copyright -all rights reserved This communication may contain confidential and/or privileged information. If you are not the intended recipient (or have received this communication in error) please notify the sender immediately and destroy this communication. Any unauthorized copying, disclosure or distribution of the material in this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information contained in this communication should not be regarded as such. EFTA01139814