Subject: RE: Enron does its first yen based crude trade
From: [email-masked]
To: [email-masked]
Cc: [email-masked]
Date: Thu, 11 Oct 2001 05:43:23 -0700 (PDT)

For EJ, $500 minus the champagne for the two guys who did it.  Don't know what Slovenski booked against his curve.  Right now just trying to push through some basic mid mkt deals this (with hopes and expectations of closing Sato as well).  More structured transactions to follow (with real MTM value for EJ).  On 24/7 will come back to you.  Initially we were shut down on concept of George in Yen.  Will resurect this.  Also are going to want to push basic JCC.  We have developed (with some basic help from Research) projected forward curves for JCC.  We have also developed internally a system to "help" the traders delta hedge the position.  Would see dynamically managing this through adjusting hedge ratios up to month of delivery.  I'd like to spend some time going through this with you next week.
 
Joe

-----Original Message-----
From: Shankman, Jeffrey A. 
Sent: Thursday, October 11, 2001 9:09 PM
To: Hirl, Joseph; Mcconnell, Mike
Cc: Thirsk, Jeremy
Subject: RE: Enron does its first yen based crude trade

Joe, this is outstanding.  How can we help you get our 24/7 crude product on EOL in Japanese?  I'd like to get this done this quarter.  Also, forgive my inability to add and subtract, but how much did you guys book on this transaction?
 
Jeff

-----Original Message-----
From: Hirl, Joseph 
Sent: Thursday, October 11, 2001 4:07 AM
To: Mcconnell, Mike; Shankman, Jeffrey A.
Cc: Thirsk, Jeremy
Subject: Enron does its first yen based crude trade

Mike/Jeff,
 
As indicated in the list of deals and interested cps that we sent you yesterday, we closed a transaction with Japanese trading company, Kobayashi Yoko, this afternoon.  Kinoshita and Anai had been working this company and had already gotten basic documentation and credit approval in place.  We had also gotten prior approval from Sheila Glover and Gary Hickerson to use the local metal's trader to handle FX swaps up to USD30MM.  Commodity and FX risk (except for 4 days from contract settlement) have been hedged with Singapore and ENA.  Not a big deal in and of itself (notional USD250k), but a start.  We believe there is much more demand and plan to see more in the near future.  Also expect to see first LPG deal with Marubeni with our new mid mkt "trader" very shortly.  We would back to back transaction as well.  Details of this transaction are as follows:
 
Enron Japan sells Dubai swap to Enron Singapore

Month: March 2002

Volume: 12,500bbls

Price: 20.24$/bbl

Enron Japan sells US$253,000 to ENA

Value date: 5 April 2002

Price: 118.92Y/$

Enron Japan buys Dubai swap from Kobayashi Yoko

Month: March 2002

Volume: 12,500bbls (=1,987.34 kl)

Price: 15,110Y/kl