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Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   8½   14   99.000-100.000  182.65/8.157  1YR

VENZ   5¾   16   85.250-86.250   18.227/17.289 2YR

VENZ   13⅝  18   90.750-92.750   16.969/16.206 5YR

VENZ   7     18   69.250-70.250   17.769/17.332 5YR

VENZ   7¾   19   68.250-69.250   17.513/17.124 5YR

VENZ   6     20   61.250-61.250   16.137/16.137 7YR

VENZ   12¾  22   81.750-82.750   17.031/16.762 10YR

VENZ   9     23   66.500-67.500   16.403/16.113 10YR

VENZ   8¼   24   63.500-64.500   15.555/15.282 10YR

VENZ   7.65  25   61.500-62.500   15.042/14.774 10YR

VENZ   11¾  26   76.250-77.250   16.311/16.077 10YR

VENZ   9¼   27   68.000-69.000   14.892/14.659 10YR

VENZ   9¼   28   64.750-65.750   15.552/15.305 10YR

VENZ   11.95 31   76.000-77.000   16.116/15.900 30YR

VENZ   9⅜   34   64.750-65.750   15.004/14.776 30YR

VENZ   7     38   56.500-57.500   12.942/12.723 30YR

**Corp***

PDVSA  4.9   14   97.500-98.500   45.970/29.255 1YR

PDVSA  5     15   85.250-86.250   21.233/20.003 2YR

PDVSA  5⅛   16   74.250-75.250   21.174/20.424 2YR

PDVSA  5¼   17   67.750-68.750   22.784/22.093 5YR

PDVSA  8½   17   77.250-78.250   18.531/18.015 5YR

PDVSA  9     21   65.750-66.750   17.624/17.292 10YR

PDVSA  12¾  22   82.500-83.500   16.991/16.716 10YR

PDVSA  6     24   50.500-51.500   16.402/16.070 10YR

PDVSA  6     26   49.500-50.500   15.268/14.969 10YR

PDVSA  5⅜   27   48.750-49.750   14.275/13.990 10YR

PDVSA  9¾   35   63.750-64.750   15.700/15.460 30YR

PDVSA  5½   37   47.750-48.750   12.475/12.234 30YR

ELECAR 8½   18   67.000-69.000   22.613/21.527 5YR

The prices contained herein are indicative as of the time of publication.  They do not represent firm bids and offers.  For up to date pricing please contact your Avila Capital Markets representative.

 

Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   8½   14   99.250-100.250  60.455/-9.101 1YR

VENZ   5¾   16   86.250-87.250   17.222/16.305 2YR

VENZ   13⅝  18   92.250-94.250   16.391/15.645 5YR

VENZ   7     18   71.750-72.750   16.672/16.254 5YR

VENZ   7¾   19   70.750-71.750   16.540/16.169 5YR

VENZ   6     20   63.500-64.500   15.340/15.002 7YR

VENZ   12¾  22   84.750-85.750   16.237/15.981 10YR

VENZ   9     23   69.500-70.500   15.545/15.272 10YR

VENZ   8¼   24   66.250-67.250   14.815/14.558 10YR

VENZ   7.65  25   64.000-65.000   14.380/14.127 10YR

VENZ   11¾  26   79.750-80.750   15.509/15.290 10YR

VENZ   9¼   27   71.500-72.500   14.096/13.879 10YR

VENZ   9¼   28   68.500-69.500   14.652/14.425 10YR

VENZ   11.95 31   79.500-80.500   15.378/15.177 30YR

VENZ   9⅜   34   68.500-69.500   14.178/13.971 30YR

VENZ   7     38   59.000-60.000   12.406/12.203 30YR

**Corp***

PDVSA  4.9   14   98.250-99.250   29.992/15.489 1YR

PDVSA  5     15   86.500-87.500   19.582/18.389 2YR

PDVSA  5⅛   16   75.750-76.750   19.994/19.265 2YR

PDVSA  5¼   17   70.250-71.250   21.028/20.370 5YR

PDVSA  8½   17   79.250-80.250   17.485/16.987 5YR

PDVSA  9     21   68.250-69.250   16.801/16.487 10YR

PDVSA  12¾  22   85.000-86.000   16.309/16.045 10YR

PDVSA  6     24   52.000-53.000   15.902/15.584 10YR

PDVSA  6     26   51.000-52.000   14.818/14.531 10YR

PDVSA  5⅜   27   50.250-51.250   13.847/13.575 10YR

PDVSA  9¾   35   66.000-67.000   15.168/14.942 30YR

PDVSA  5½   37   49.000-50.000   12.174/11.944 30YR

ELECAR 8½   18   68.000-70.000   22.035/20.971 5YR

The prices contained herein are indicative as of the time of publication.  They do not represent firm bids and offers.  For up to date pricing please contact your Avila Capital Markets representative.

Argentina was found in civil contempt of court by a U.S. judge as it prepares to shift control over payments of its restructured debt fromNew York to Buenos Aires.

U.S. District Judge Thomas Griesa in Manhattan, who is overseeing lawsuits over bonds the South American nation repudiated in 2001, said yesterday that such a move is “illegal and cannot be carried out.” He said the plan violates his orders and the rights of defaulted bondholders, led by Paul Singer’s Elliott Management Corp.

Read full article…

http://www.bloomberg.com/news/2014-09-29/argentina-found-in-contempt-of-court-by-bond-fight-judge.html

Janet Yellen looks to be taking one page out of Alan Greenspan’s playbook while tearing up another as she plots monetary strategy for 2015 and beyond.

The Federal Reserve chair and her colleagues signaled this month they would be willing to push unemployment below its so-called natural rate — a feat Greenspan as chairman managed in the late 1990s without fanning much inflation. Yellen showed less desire to pursue her predecessor’s “measured” approach to raising interest rates in the mid-2000s, suggesting his strategy may have fostered complacency that made a small contribution to the financial crisis.

The late 1990s “was a very good period for the U.S. economy, and Greenspan made the correct call on monetary policy,” said Michael Gapen, a former Fed official who is now senior U.S. economist for Barclays Capital Inc. in New York. On the other hand, “there is a general consensus the way they did policy wasn’t right” in the run-up to the housing bust that preceded the 2007-2009 recession.

Read full article…

http://www.bloomberg.com/news/2014-09-29/yellen-aims-to-mimic-greenspan-on-jobs-avoid-misfire-on-bubbles.html

U.S. stocks fell, after the worst week in almost two months for the Standard & Poor’s 500 Index, as protests in Hong Kong added to geopolitical concern while a rebound in consumer spending added to speculation the Federal Reserve may raise interest rates sooner than anticipated.

The S&P 500 (SPX) lost 0.9 percent to 1,964.42 at 9:33 a.m. in New York.

“Overall, there’s this sense of foreboding in the stock markets that we’re almost deserving of at least a correction,” Drew Wilson, an investment analyst with Fenimore Asset Management in Cobleskill, New York, said in a phone interview. “Nobody wants to be in the way of that. We’ve had one tiger awaken in Russia and now we have a tiger awakening in China and that’s a little too much risk and uncertainty for U.S. stock market investors to have on their plates.”

Read full article…

http://www.bloomberg.com/news/2014-09-29/u-s-index-futures-decline-before-housing-consumer-data.html

Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   8½   14   99.000-100.000  66.435/8.165  1YR

VENZ   5¾   16   87.000-88.000   16.512/15.607 2YR

VENZ   13⅝  18   94.000-96.000   15.736/15.009 5YR

VENZ   7     18   73.000-74.000   16.145/15.736 5YR

VENZ   7¾   19   72.000-73.000   16.073/15.710 5YR

VENZ   6     20   64.750-65.750   14.915/14.586 7YR

VENZ   12¾  22   86.500-87.500   15.792/15.544 10YR

VENZ   9     23   71.000-72.000   15.136/14.870 10YR

VENZ   8¼   24   68.000-69.000   14.367/14.120 10YR

VENZ   7.65  25   66.000-67.000   13.879/13.636 10YR

VENZ   11¾  26   81.500-82.500   15.128/14.917 10YR

VENZ   9¼   27   73.250-74.250   13.720/13.511 10YR

VENZ   9¼   28   70.000-71.000   14.313/14.094 10YR

VENZ   11.95 31   81.500-82.500   14.980/14.788 30YR

VENZ   9⅜   34   70.000-71.000   13.869/13.669 30YR

VENZ   7     38   59.750-60.750   12.253/12.054 30YR

**Corp***

PDVSA  4.9   14   98.750-99.750   22.021/8.210  1YR

PDVSA  5     15   88.500-89.500   17.183/16.032 2YR

PDVSA  5⅛   16   77.500-78.500   18.709/18.003 2YR

PDVSA  5¼   17   72.500-73.500   19.547/18.915 5YR

PDVSA  8½   17   81.500-82.500   16.368/15.888 5YR

PDVSA  9     21   71.000-72.000   15.948/15.650 10YR

PDVSA  12¾  22   87.000-88.000   15.785/15.529 10YR

PDVSA  6     24   54.250-55.250   15.196/14.895 10YR

PDVSA  6     26   53.250-54.250   14.182/13.913 10YR

PDVSA  5⅜   27   52.000-53.000   13.374/13.114 10YR

PDVSA  9¾   35   68.000-69.000   14.722/14.507 30YR

PDVSA  5½   37   54.250-52.250   11.045/11.452 30YR

ELECAR 8½   18   68.000-70.000   22.025/20.962 5YR

The prices contained herein are indicative as of the time of publication.  They do not represent firm bids and offers.  For up to date pricing please contact your Avila Capital Markets representative.

Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   8½   14   99.250-100.250  45.552/-4.176 1YR

VENZ   5¾   16   86.500-87.500   16.948/16.038 2YR

VENZ   13⅝  18   94.250-96.250   15.643/14.918 5YR

VENZ   7     18   73.000-74.000   16.140/15.731 5YR

VENZ   7¾   19   72.250-73.250   15.978/15.616 5YR

VENZ   6     20   64.750-65.750   14.912/14.583 7YR

VENZ   12¾  22   86.750-87.750   15.729/15.482 10YR

VENZ   9     23   71.250-72.250   15.067/14.804 10YR

VENZ   8¼   24   68.250-69.250   14.304/14.057 10YR

VENZ   7.65  25   66.250-67.250   13.816/13.575 10YR

VENZ   11¾  26   82.000-83.000   15.021/14.812 10YR

VENZ   9¼   27   73.750-74.750   13.614/13.408 10YR

VENZ   9¼   28   70.250-71.250   14.257/14.039 10YR

VENZ   11.95 31   81.500-82.500   14.980/14.788 30YR

VENZ   9⅜   34   70.250-71.250   13.819/13.620 30YR

VENZ   7     38   60.250-61.250   12.153/11.957 30YR

**Corp***

PDVSA  4.9   14   98.500-99.500   24.756/11.386 1YR

PDVSA  5     15   88.250-89.250   17.441/16.289 2YR

PDVSA  5⅛   16   77.250-78.250   18.869/18.161 2YR

PDVSA  5¼   17   72.250-73.250   19.691/19.057 5YR

PDVSA  8½   17   81.500-82.500   16.362/15.881 5YR

PDVSA  9     21   71.250-72.250   15.871/15.574 10YR

PDVSA  12¾  22   87.250-88.250   15.720/15.465 10YR

PDVSA  6     24   54.500-55.500   15.118/14.819 10YR

PDVSA  6     26   53.500-54.500   14.113/13.845 10YR

PDVSA  5⅜   27   52.500-53.500   13.242/12.986 10YR

PDVSA  9¾   35   68.500-69.500   14.614/14.402 30YR

PDVSA  5½   37   51.250-52.250   11.666/11.452 30YR

ELECAR 8½   18   70.000-74.000   20.953/18.938 5YR

The prices contained herein are indicative as of the time of publication.  They do not represent firm bids and offers.  For up to date pricing please contact your Avila Capital Markets representative.

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