RE: Venezuela

Paul Barrett, CFA

Managing Director

Global Investment Opportunities Group

JPMorgan Private Bank

[x]

■ Park Avenue, 14th Floor, New York, NY 10022

From: Jeffrey Epstein (mailto:jeevacation@gmail.com)
Sent: Tuesday, October 09, 2012 3:26 PM
To: Barrett, Paul S
Subject: Re: Venezuela

On Tue, Oct 9, 2012 at 9:22 PM, Barrett, Paul S wrote:

Correct

The 2017N issued bond; 8.50% coupon; sinking fund (payable over 2015, 2016, 2017); $6BLN issue size; 12.30% yield

b) The other one has a coupon of 5.25% matures Apr 2017. $3.5BLN issue size; 12.00%

Paul Barrett, CFA

Managing Director

Global Investment Opportunities Group

JPMorgan Private Bank

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From: Jeffrey Epstein [mailto:jeevacation@gmail.com] Sent: Tuesday, October 09, 2012 1:25 PM To: Barrett, Paul S Subject: Re: Venezuela

There are two 2017

Sent from my iPad

On Oct 9, 2012, at 4:34 PM, "Barrett, Paul S" wrote:

Hi Jeffrey

Given that we expected a Chavez win, I am a little surprised that the bonds are trading down 3 points (around 4%). There has been some noise out of Argentina where a local province repaid a coupon on a bond in ARS when it should be in USD. So this is putting pressure on the region.

I think this is an interesting level to buy the PDVSA 2017 bond. Currently yielding 12.20%. Passive play on oil.

Would do $1.5MM.

let me know

Paul

Paul Barrett, CFA

Managing Director

Global Investment Opportunities Group

JPMorgan Private Bank

Mark Avenue, 14th Floor, New York, NY 10022

(F)

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