Re: Venezuela

Barrett, Paul S

lets leg in total 1.5

On Tue, Oct 9, 2012 at 9:31 PM, Barrett, Paul S > wrote:

Yes — we should decide a total size and then average in over the next few weeks

Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
320 Park Avenue, 14th Floor, New York, NY 10022

NMLS ID# 853441

From: Jeffrey Epstein [mailtoleeyacationegmail.com]
Sent: Tuesday, October 09, 2012 3:26 PM
To: Barrett, Paul S
Subject: Re: Venezuela

ok start on a?

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

Correct

Both NY law.

EFTA00876642

a) 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%

We like (a)

Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
320 Park Avenue, 14th Floor, New York, NY 10022

NMLS ID# 853441

From: jefrey 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

EFTA00876643

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

NMLS ID# 853441

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