FW: Brazil trade idea [C] [I]

Classification: For Internal use only

Friday

From: Paul Morris
Sent: Monday, March 28, 2016 1:30 PM
To: Vahe Stepanian
Subject: RE: Brazil trade idea [C]

Hi no problem thanks Btw when is Ari last day?

Original Message----
From: Vahe Stepanian
Sent: Monday, March 28, 2016 01:28 PM Eastern Standard Time
To: Paul Morris
Subject: FW: Brazil trade idea [C]

Classification: Confidential

FYI, meant to CC you. Will add you if they come back.

Thanks,
Vahe

From: Vahe Stepanian
Sent: Monday, March 28, 2016 1:20 PM
To: Richard Kahn
Cc: Daniel Sabba; Ariane Dwyer
Subject: RE: Brazil trade idea [C]

Classification: Confidential

Rich — indicatively, Southern Financial can purchase Smm PETBRA 5 Yi 01/27/21 @ - 82 Brazil Sy CDS (6/20/21 maturity) is currently @ 380 x 385.

We will need to refresh before trading. Please let us know if you have questions.

Thank you,
Vahe

From: Richard Kahn [mailt
Sent: Monday, March 28, 2016 1:08 PM
To: Vahe Stepanian

CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) CONFIDENTIAL

DB-SDNY-0120769
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