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Bid Ask Bid Ask
Security Px Px YTM YTM Bench
—————————————————————-
**Venezuela***
VENZ 8½ 14 99.500-100.250 12.645/6.035 1YR
VENZ 5¾ 16 91.250-92.250 12.339/11.543 2YR
VENZ 13⅝ 18 101.250-103.250 13.205/12.555 5YR
VENZ 7 18 79.250-80.250 13.565/13.202 5YR
VENZ 7¾ 19 78.250-79.250 13.803/13.480 5YR
VENZ 6 20 69.250-70.250 13.387/13.087 7YR
VENZ 12¾ 22 93.250-94.250 14.188/13.966 10YR
VENZ 9 23 77.250-78.000 13.522/13.345 10YR
VENZ 8¼ 24 71.750-72.550 13.430/13.246 10YR
VENZ 7.65 25 69.000-70.000 13.133/12.907 10YR
VENZ 11¾ 26 87.000-88.000 13.999/13.808 10YR
VENZ 9¼ 27 76.750-77.500 12.994/12.848 10YR
VENZ 9¼ 28 74.000-75.000 13.448/13.248 10YR
VENZ 11.95 31 87.000-88.000 13.968/13.795 30YR
VENZ 9⅜ 34 74.000-75.000 13.095/12.913 30YR
VENZ 7 38 61.250-62.250 11.949/11.758 30YR
**Corp***
PDVSA 4.9 14 99.500-100.250 7.811/3.337 1YR
PDVSA 5 15 92.000-93.000 12.569/11.571 2YR
PDVSA 5⅛ 16 84.000-85.000 13.921/13.311 2YR
PDVSA 5¼ 17 78.500-79.500 15.534/14.981 5YR
PDVSA 8½ 17 88.500-89.500 13.022/12.600 5YR
PDVSA 9 21 76.250-77.250 14.387/14.118 10YR
PDVSA 12¾ 22 91.250-92.250 14.717/14.479 10YR
PDVSA 6 24 58.250-59.250 13.980/13.708 10YR
PDVSA 6 26 55.750-56.750 13.484/13.232 10YR
PDVSA 5⅜ 27 54.000-55.000 12.823/12.578 10YR
PDVSA 9¾ 35 71.500-72.500 13.988/13.792 30YR
PDVSA 5½ 37 52.000-53.000 11.494/11.285 30YR
ELECAR 8½ 18 77.000-80.000 17.307/15.983 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. This is not a recommendation, solicitation, or offer to buy or sell any securities or other financial products.

Brazilian analysts reduced their 2014 economic growth estimate for the 13th straight week after consumer confidence dropped to the lowest since the recession of 2009.

Brazil’s gross domestic product will expand 0.7 this year, compared with the previous week’s forecast of 0.79, according to the Aug. 22 central bank survey of about 100 analysts published today. The inflation rate will end the year at 6.27 percent, up from 6.25 percent in last week’s survey.

Read full article…

http://www.bloomberg.com/news/2014-08-25/brazilian-analysts-cut-economic-forecast-for-13th-straight-week.html

Brazilian analysts reduced their 2014 economic growth estimate for the 13th straight week after consumer confidence dropped to the lowest since the recession of 2009.

Brazil’s gross domestic product will expand 0.7 this year, compared with the previous week’s forecast of 0.79, according to the Aug. 22 central bank survey of about 100 analysts published today. The inflation rate will end the year at 6.27 percent, up from 6.25 percent in last week’s survey.

Read full article…

http://www.bloomberg.com/news/2014-08-25/brazilian-analysts-cut-economic-forecast-for-13th-straight-week.html

Argentina plans to pay its foreign-currency bonds locally to sidestep a U.S. court ruling that blocked payments last month and caused the nation to default for a second time in 13 years.

The government will submit a bill to Congress that lets overseas debt holders swap into new bonds governed by domestic law with the same terms, President Cristina Fernandez de Kirchner said in a nationwide address yesterday. Payments will be made into accounts at the central bank instead of through Bank of New York Mellon Corp., the current trustee.

Read full article…

http://www.bloomberg.com/news/2014-08-19/argentina-to-pay-bondholders-in-local-account-to-skirt-ruling.html

Brazil’s central bank has eased rules on reserve requirement for a second time this quarter in a bid to boost credit in a slowing economy.

The bank published the rules in today’s Official Gazette, altering rules for payments on non-cash deposits. The changes will channel about 10 billion reais ($4.5 billion) into credit, the bank said in a statement published on its website. The move follows the bank’s decision in July to free up 30 billion reais, according to the statement.

Read full article…

http://www.bloomberg.com/news/2014-08-20/brazil-central-bank-changes-rule-on-reserve-requirement-payments.html

Bid Ask Bid Ask
Security Px Px YTM YTM Bench
—————————————————————-
**Venezuela***
VENZ 8½ 14 99.500-100.250 12.091/6.327 1YR
VENZ 5¾ 16 94.000-95.000 10.131/9.375 2YR
VENZ 13⅝ 18 105.500-107.500 11.850/11.234 5YR
VENZ 7 18 83.500-84.500 12.043/11.704 5YR
VENZ 7¾ 19 82.250-83.250 12.530/12.228 5YR
VENZ 6 20 73.750-74.750 12.065/11.788 5YR
VENZ 12¾ 22 99.250-100.250 12.903/12.699 10YR
VENZ 9 23 82.250-83.250 12.382/12.166 10YR
VENZ 8¼ 24 76.500-77.500 12.376/12.167 10YR
VENZ 7.65 25 73.750-74.750 12.091/11.884 10YR
VENZ 11¾ 26 92.750-93.750 12.942/12.769 10YR
VENZ 9¼ 27 82.250-83.250 11.968/11.793 10YR
VENZ 9¼ 28 79.750-80.750 12.345/12.165 10YR
VENZ 11.95 31 92.750-93.750 13.018/12.862 30YR
VENZ 9⅜ 34 79.500-80.500 12.143/11.982 30YR
VENZ 7 38 65.250-66.250 11.217/11.046 30YR
**Corp***
PDVSA 4.9 14 99.500-100.250 7.548/3.474 1YR
PDVSA 5 15 94.250-95.250 10.271/9.320 2YR
PDVSA 5⅛ 16 86.250-87.250 12.506/11.920 2YR
PDVSA 5¼ 17 82.500-83.500 13.324/12.807 5YR
PDVSA 8½ 17 92.500-93.500 11.354/10.956 5YR
PDVSA 9 21 82.000-83.000 12.892/12.647 10YR
PDVSA 12¾ 22 97.250-98.250 13.341/13.123 10YR
PDVSA 6 24 63.250-64.250 12.672/12.428 10YR
PDVSA 6 26 60.250-61.250 12.392/12.166 10YR
PDVSA 5⅜ 27 58.500-59.500 11.760/11.540 10YR
PDVSA 9¾ 35 76.750-77.750 13.008/12.835 30YR
PDVSA 5½ 37 55.250-56.250 10.838/10.649 30YR
ELECAR 8½ 18 79.250-81.250 16.276/15.421 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. This is not a recommendation, solicitation, or offer to buy or sell any securities or other financial products.

Telecom Italia SpA (TIT) is preparing an offer valued at as much as 7 billion euros ($9.4 billion) to outbid Telefonica SA in the race to buy Vivendi SA (VIV)’s Brazilian broadband unit GVT, people with knowledge of the plan said.

Vivendi would get a 20 percent holding in Milan-based Telecom Italia and a stake in the entity that combines the two companies’ Brazilian units, said the people, who asked not to be identified because the offer isn’t public. Telefonica — which competes with Telecom Italia in Brazil’s phone market — offered 6.7 billion euros, mostly in cash, for GVT on Aug. 5.

Read full article…

http://www.bloomberg.com/news/2014-08-17/telecom-italia-said-to-plan-gvt-bid-of-up-to-9-4-billion.html

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