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Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   8½   14   98.000-99.000   67.179/37.391 1YR

VENZ   5¾   16   82.000-83.000   21.085/20.115 2YR

VENZ   13⅝  18   90.000-92.000   17.244/16.477 5YR

VENZ   7     18   70.000-71.000   17.379/16.950 5YR

VENZ   7¾   19   69.000-70.000   17.175/16.793 5YR

VENZ   6     20   61.750-62.750   15.922/15.573 7YR

VENZ   12¾  22   83.000-84.000   16.690/16.427 10YR

VENZ   9     23   67.000-68.000   16.241/15.954 10YR

VENZ   8¼   24   63.500-64.500   15.541/15.269 10YR

VENZ   7.65  25   62.000-63.000   14.894/14.630 10YR

VENZ   11¾  26   76.500-77.500   16.246/16.013 10YR

VENZ   9¼   27   69.000-70.000   14.655/14.427 10YR

VENZ   9¼   28   66.000-67.000   15.237/14.997 10YR

VENZ   11.95 31   76.250-77.250   16.061/15.845 30YR

VENZ   9⅜   34   66.250-67.250   14.662/14.443 30YR

VENZ   7     38   56.750-57.750   12.885/12.667 30YR

**Corp***

PDVSA  4.9   14   96.750-97.750   41.981/30.284 1YR

PDVSA  5     15   85.750-86.750   20.208/19.022 2YR

PDVSA  5⅛   16   74.500-75.500   20.775/20.038 2YR

PDVSA  5¼   17   69.250-70.250   21.574/20.909 5YR

PDVSA  8½   17   78.250-79.250   17.936/17.433 5YR

PDVSA  9     21   67.250-68.250   17.106/16.786 10YR

PDVSA  12¾  22   83.000-84.000   16.846/16.573 10YR

PDVSA  6     24   51.000-52.000   16.214/15.888 10YR

PDVSA  6     26   50.500-51.500   14.955/14.665 10YR

PDVSA  5⅜   27   49.750-50.750   13.977/13.701 10YR

PDVSA  9¾   35   65.750-66.750   15.223/14.996 30YR

PDVSA  5½   37   49.000-50.000   12.172/11.941 30YR

ELECAR 8½   18   67.000-72.000   22.511/19.886 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.

U.S. stocks fell, after the Standard & Poor’s 500 Index reached a record last week, as sales of existing homes unexpectedly dropped and China’s finance minister damped stimulus hopes.

Energy stocks tumbled 1.3 percent to pace losses in theS&P 500. (SPX) The Russell 2000 Index of small companies sank 1.3 percent. Alibaba Group Holding Ltd. slid 2.1 percent after surging in its trading debut Sept. 19.Yahoo! Inc. (YHOO) dropped 2.3 percent after Sanford C. Bernstein & Co. lowered its rating on the Web-portal company.

Read full article… 

http://www.bloomberg.com/news/2014-09-22/u-s-stock-index-futures-fall-as-china-damps-policy-bets.html

Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   8½   14   98.250-99.250   55.739/28.364 1YR

VENZ   5¾   16   82.250-83.250   20.812/19.848 2YR

VENZ   13⅝  18   90.500-92.500   17.048/16.287 5YR

VENZ   7     18   70.750-71.750   17.050/16.627 5YR

VENZ   7¾   19   69.250-70.250   17.074/16.694 5YR

VENZ   6     20   61.500-62.500   16.007/15.656 7YR

VENZ   12¾  22   82.750-83.750   16.756/16.492 10YR

VENZ   9     23   67.000-68.000   16.239/15.952 10YR

VENZ   8¼   24   63.250-64.250   15.609/15.335 10YR

VENZ   7.65  25   61.250-62.250   15.095/14.826 10YR

VENZ   11¾  26   76.250-77.250   16.304/16.070 10YR

VENZ   9¼   27   69.000-70.000   14.655/14.426 10YR

VENZ   9¼   28   66.250-67.250   15.176/14.937 10YR

VENZ   11.95 31   76.000-77.000   16.116/15.899 30YR

VENZ   9⅜   34   66.250-67.250   14.662/14.443 30YR

VENZ   7     38   57.500-58.500   12.721/12.508 30YR

**Corp***

PDVSA  4.9   14   96.750-97.750   40.865/29.519 1YR

PDVSA  5     15   85.250-86.250   20.768/19.575 2YR

PDVSA  5⅛   16   74.750-75.750   20.569/19.837 2YR

PDVSA  5¼   17   69.750-70.750   21.223/20.564 5YR

PDVSA  8½   17   78.750-79.750   17.676/17.177 5YR

PDVSA  9     21   68.000-69.000   16.863/16.547 10YR

PDVSA  12¾  22   83.250-84.250   16.776/16.505 10YR

PDVSA  6     24   52.500-53.500   15.726/15.412 10YR

PDVSA  6     26   52.000-53.000   14.521/14.242 10YR

PDVSA  5⅜   27   50.750-51.750   13.700/13.431 10YR

PDVSA  9¾   35   66.250-67.250   15.109/14.884 30YR

PDVSA  5½   37   49.750-50.750   11.998/11.773 30YR

ELECAR 8½   18   68.000-73.000   21.957/19.381 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.

Venezuela’s President Nicolas Maduro threatened legal action against news outlets, accusing the Atlanta-based broadcaster CNN en Espanol and the Miami Herald of spreading what he said were false health rumors.

Maduro said he ordered a criminal investigation into the past week’s media coverage of a possible outbreak of a tropical disease in the central city of Maracay, which the government has denied.

Read full article…

http://www.bloomberg.com/news/2014-09-18/maduro-orders-media-probe-saying-cnn-causing-alarm.html

Telefonica SA (TEF) agreed to buy Vivendi SA (VIV)’s Brazilian broadband unit GVT for about 7 billion euros ($9 billion) to increase its challenge to competitors including billionaire Carlos Slim’s America Movil SAB.

Vivendi will receive 4.66 billion euros in cash, a 7.4 percent holding in Telefonica’s Brazilian business and a 5.7 percent stake in Telecom Italia (TIT) SpA, Paris-based Vivendi said today. Madrid-based Telefonica said it’ll help finance the purchase with a capital increase by its Brazilian business.

Read full article…

http://www.bloomberg.com/news/2014-09-19/telefonica-agrees-to-buy-vivendi-s-gvt-after-weeks-of-talks.html

Venezuela had its credit rating lowered by Standard & Poor’s (XOP), which cited the country’s slumping economy and soaring inflation.

S&P cut Venezuela’s long-term rating by one level to CCC+, seven levels below investment grade, from B-. The outlook is negative, S&P said yesterday in a statement.

“The downgrade is based on continued economic deterioration, including rising inflation and falling external liquidity, and the declining likelihood that the government will implement timely corrective steps to staunch it,” S&P analyst Sebastian Briozzo said in the statement. “The government could come under greater strain to service its rising level of external debt.”

Read full article…

http://www.bloomberg.com/news/2014-09-16/venezuela-s-rating-cut-by-s-p-to-ccc-on-deteriorating-economy.html

Alibaba Group Holding Ltd. plans to boost the price of its initial public offering amid strong investor demand, people with knowledge of the matter said, potentially making it the biggest in history.

China’s biggest e-commerce company plans to increase the top end of a marketed price range to just below $70, from $66 previously, said one of the people, asking not to be identified discussing private information. The announcement is likely to come later today after the market closes in New York, according to the person.

Alibaba’s decision came even as billionaire founder Jack Ma told prospective investors today at Hong Kong’s Ritz-Carlton hotel he won’t seek too high a valuation, according to two people who attended the meeting. Ma said the company tried to fairly price the November 2007 sale of its business-to-business marketplace Alibaba.com Ltd., whose shares almost tripled on its Hong Kong debut, the people said.

Read full article..

http://www.bloomberg.com/news/2014-09-15/alibaba-said-to-plan-boosting-ipo-amid-heavy-investor-interest.html

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