FW: Brazil trade idea [C]

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

EFTA01477769

Subject: RE: Brazil trade idea [C]

Classification: Confidential

Rich — indicatively, Southern Financial can purchase 5mm PETBRA 5 01/27/21 @ —82

Brazil 5y 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 [mailto:
Sent: Monday, March 28, 2016 1:08 PM
To: Vahe Stepanian
Cc: Daniel Sabba
Subject: Brazil trade idea

can you please provide pricing on the following:

Buy

Buy CDS Protection

EFTA01477770

Bond:

PETBRA 5 01/27/21

Contract:

Brazil 5yr CDS

Issuer:

PETROBRAS GLOBAL FINANCE

Underlying Issuer:

Federative Republic of Brazil

ISIN:
US71645WAR25
Maturity:
06/20/21

Ratings:
B3/B+/BB+
Coupon:
100 bps

Ranking:
Sr Unsecured
Spread:
396 bps

EFTA01477771

Richard Kahn
HBRK Associates Inc.
575 Lexington Avenue 4th Floor
New York, NY 10022
tel ██████████████████
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EFTA01477772