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Ana Laura Estefania, a 29-year-old Uruguayan, decided to vacation with her family in Buenos Aires last month after the tumble in the Argentine peso made everything from eating out to hotels more affordable.

“We wanted to go somewhere with my parents and all the family,” Estefania, the owner of a publishing company, said by telephone from Uruguay’s capital of Montevideo. “Buenos Aires is close and we thought it would be cheaper because of the exchange rate. Eating is cheap, transport is cheap, accommodation is cheap, everything is much cheaper.”

Read full article…

http://www.bloomberg.com/news/2014-10-16/argentina-black-market-proving-irresistible-to-tourists.html

Venezuela will probably default on its foreign debt as a shortage of dollars makes it impossible for the government to meet its citizens’ basic needs, Harvard University economists Carmen Reinhart and Kenneth Rogoff said.

The economy is so badly managed that per-capita gross domestic product is 2 percent below 1970 levels, the professors wrote in an column published by Project Syndicate yesterday. A decade of currency controls has made dollars scarce in the country with the world’s biggest oil reserves, causing shortages of everything from deodorant to airplane tickets.

Read full article…

http://www.bloomberg.com/news/2014-10-13/venezuela-default-almost-certain-harvard-economists-say.html

Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   8½   14   98.500-99.500   533.94/181.72 1YR

VENZ   5¾   16   84.500-85.500   18.967/18.015 2YR

VENZ   13⅝  18   89.250-91.250   17.557/16.778 5YR

VENZ   7     18   69.250-70.250   17.775/17.338 5YR

VENZ   7¾   19   68.000-69.000   17.616/17.225 5YR

VENZ   6     20   60.000-61.000   16.593/16.230 7YR

VENZ   12¾  22   81.750-82.750   17.031/16.763 10YR

VENZ   9     23   66.750-67.750   16.332/16.043 10YR

VENZ   8¼   24   63.250-64.250   15.626/15.351 10YR

VENZ   7.65  25   60.750-61.750   15.254/14.982 10YR

VENZ   11¾  26   75.750-76.750   16.431/16.194 10YR

VENZ   9¼   27   67.500-68.500   15.011/14.775 10YR

VENZ   9¼   28   63.750-64.750   15.806/15.553 10YR

VENZ   11.95 31   75.500-76.500   16.227/16.007 30YR

VENZ   9⅜   34   64.250-65.250   15.121/14.889 30YR

VENZ   7     38   56.000-57.000   13.054/12.831 30YR

**Corp***

PDVSA  4.9   14   97.500-98.500   47.918/30.412 1YR

PDVSA  5     15   85.250-86.250   21.276/20.044 2YR

PDVSA  5⅛   16   74.250-75.250   21.195/20.444 2YR

PDVSA  5¼   17   67.750-68.750   22.803/22.111 5YR

PDVSA  8½   17   77.500-78.500   18.410/17.895 5YR

PDVSA  9     21   66.000-67.000   17.543/17.213 10YR

PDVSA  12¾  22   81.500-82.500   17.272/16.992 10YR

PDVSA  6     24   50.750-51.750   16.320/15.991 10YR

PDVSA  6     26   49.750-50.750   15.194/14.896 10YR

PDVSA  5⅜   27   48.500-49.500   14.349/14.062 10YR

PDVSA  9¾   35   63.250-64.250   15.823/15.579 30YR

PDVSA  5½   37   47.750-48.750   12.476/12.235 30YR

ELECAR 8½   18   66.000-70.000   23.182/21.007 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.

Argentine central bank President Juan Carlos Fabrega resigned less than 24 hours after President Cristina Fernandez de Kirchner publicly criticized the institution for allegedly leaking inside information.

Fernandez will nominate securities regulator Alejandro Vanoli as a replacement, presidential spokesman Alfredo Scoccimarro told reporters in a conference call after markets closed yesterday. Vanoli would be Argentina’s fourth central bank president in less than five years.

Read full article…

http://www.bloomberg.com/news/2014-10-01/argentina-central-bank-president-fabrega-resigns-spokesman-says.html

The number of Americans filing applications for unemployment benefits unexpectedly fell last week, a sign the job market is sustaining progress.

Jobless claims dropped by 8,000 to 287,000 in the week ended Sept. 27, from a revised 295,000 in the prior period, a Labor Department report showed today in Washington. The medianforecast of 49 economists surveyed by Bloomberg called for 297,000. Continuing claims decreased to an eight-year low.

Firings are hovering close to decade lows as employers benefiting from rising demand retain staff, laying the ground for more hiring and wage gains. A report tomorrow is projected to show employers added to payrolls in September and the jobless rate held at a six-year low.

Read full article…

http://www.bloomberg.com/news/2014-10-02/jobless-claims-in-u-s-unexpectedly-decreased-last-week.html

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.

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