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Bid Ask Bid Ask
Security Px Px YTM YTM Bench
—————————————————————-
**Venezuela***
VENZ 8½ 14 100.250-101.250 7.015/1.995 1YR
VENZ 5¾ 16 94.750-95.750 9.402/8.685 2YR
VENZ 13⅝ 18 107.750-109.750 11.187/10.596 5YR
VENZ 7 18 86.750-87.750 10.906/10.586 5YR
VENZ 7¾ 19 86.500-87.500 11.238/10.957 5YR
VENZ 6 20 76.750-77.750 11.203/10.941 5YR
VENZ 12¾ 22 102.750-103.750 12.200/12.007 10YR
VENZ 9 23 86.500-87.500 11.476/11.275 10YR
VENZ 8¼ 24 81.000-82.000 11.449/11.256 10YR
VENZ 7.65 25 77.500-78.500 11.320/11.128 10YR
VENZ 11¾ 26 97.500-98.500 12.141/11.980 10YR
VENZ 9¼ 27 86.750-87.750 11.196/11.035 10YR
VENZ 9¼ 28 84.000-85.000 11.599/11.433 10YR
VENZ 11.95 31 97.500-98.500 12.303/12.160 30YR
VENZ 9⅜ 34 84.250-85.250 11.405/11.258 30YR
VENZ 7 38 70.250-71.250 10.400/10.250 30YR
**Corp***
PDVSA 4.9 14 99.500-100.500 6.850/2.851 1YR
PDVSA 5 15 93.750-94.750 10.449/9.542 2YR
PDVSA 5⅛ 16 88.750-89.750 10.888/10.339 2YR
PDVSA 5¼ 17 86.500-87.500 11.160/10.684 5YR
PDVSA 8½ 17 94.750-95.750 10.430/10.051 2YR
PDVSA 9 21 86.500-87.500 11.803/11.576 10YR
PDVSA 12¾ 22 101.750-102.750 12.383/12.179 10YR
PDVSA 6 24 67.500-68.500 11.643/11.421 10YR
PDVSA 6 26 63.750-64.750 11.604/11.395 10YR
PDVSA 5⅜ 27 61.500-62.500 11.095/10.891 10YR
PDVSA 9¾ 35 83.000-84.000 11.981/11.829 30YR
PDVSA 5½ 37 59.000-60.000 10.152/9.982 30YR
ELECAR 8½ 18 79.750-81.750 15.940/15.104 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.

Brazil plans to sell sovereign bonds with the country’s longest maturity in its first issue denominated in U.S. dollars this year.

Latin America’s biggest economy expects to issue the bonds due in 2045, the Treasury said today in an e-mailed statement. Brazil will also offer to buy back bonds maturing from 2024 to 2041. The sale is expected to be at least $500 million and have a yield of about 200 basis points over U.S. Treasuries, according to a person familiar with the offering who asked not be identified because the details haven’t yet been made public.

Read full article…

http://www.bloomberg.com/news/2014-07-23/brazil-planning-to-sell-benchmark-dollar-bonds-maturing-in-2045.html

Bid Ask Bid Ask
Security Px Px YTM YTM Bench
—————————————————————-
**Venezuela***
VENZ 8½ 14 100.500-101.500 5.987/1.431 1YR
VENZ 5¾ 16 94.500-95.500 9.536/8.826 2YR
VENZ 13⅝ 18 109.000-111.000 10.824/10.244 5YR
VENZ 7 18 88.000-89.000 10.494/10.181 5YR
VENZ 7¾ 19 87.500-88.500 10.947/10.670 5YR
VENZ 6 20 78.000-79.000 10.865/10.609 5YR
VENZ 12¾ 22 104.500-105.500 11.864/11.676 10YR
VENZ 9 23 87.500-88.500 11.272/11.074 10YR
VENZ 8¼ 24 82.750-83.750 11.110/10.923 10YR
VENZ 7.65 25 79.000-80.000 11.029/10.841 10YR
VENZ 11¾ 26 100.000-101.000 11.743/11.589 10YR
VENZ 9¼ 27 88.750-89.750 10.874/10.718 10YR
VENZ 9¼ 28 86.250-87.250 11.229/11.070 10YR
VENZ 11.95 31 100.000-101.000 11.948/11.811 30YR
VENZ 9⅜ 34 86.500-87.500 11.079/10.938 30YR
VENZ 7 38 72.250-73.250 10.101/9.957 30YR
**Corp***
PDVSA 4.9 14 99.500-100.500 6.713/2.996 1YR
PDVSA 5 15 94.250-95.250 9.919/9.033 2YR
PDVSA 5⅛ 16 89.250-90.250 10.568/10.027 2YR
PDVSA 5¼ 17 87.000-88.000 10.883/10.414 5YR
PDVSA 8½ 17 95.500-96.500 10.137/9.763 2YR
PDVSA 9 21 87.000-88.000 11.684/11.460 10YR
PDVSA 12¾ 22 103.000-104.000 12.129/11.928 10YR
PDVSA 6 24 69.000-70.000 11.304/11.087 10YR
PDVSA 6 26 66.000-67.000 11.136/10.937 10YR
PDVSA 5⅜ 27 63.750-64.750 10.636/10.441 10YR
PDVSA 9¾ 35 84.500-85.500 11.754/11.606 30YR
PDVSA 5½ 37 61.750-62.750 9.695/9.537 30YR
ELECAR 8½ 18 80.750-82.750 15.487/14.668 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.

Chile became the third Latin American nation in two months to resume interest rate cuts after inflation slowed and the economy grew at the slowest pace in four years.

Central bank policy makers, led by President Rodrigo Vergara, reduced the benchmark interest rate by a quarter-point to 3.75 percent yesterday, as forecast by 14 of 24 economists surveyed by Bloomberg. Ten analysts expected rates to be left unchanged.

Read full article…

http://www.bloomberg.com/news/2014-07-15/chile-resumes-rate-cuts-after-inflation-eased-and-growth-slowed.html

Bid Ask Bid Ask
Security Px Px YTM YTM Bench
—————————————————————-
**Venezuela***
VENZ 8½ 14 100.250-101.250 7.217/2.909 1YR
VENZ 5¾ 16 94.500-95.500 9.504/8.799 2YR
VENZ 13⅝ 18 108.250-110.250 11.051/10.467 5YR
VENZ 7 18 87.250-88.250 10.722/10.407 5YR
VENZ 7¾ 19 87.000-88.000 11.079/10.801 5YR
VENZ 6 20 77.250-78.250 11.051/10.792 5YR
VENZ 12¾ 22 103.500-104.500 12.055/11.865 10YR
VENZ 9 23 86.500-87.500 11.470/11.269 10YR
VENZ 8¼ 24 81.500-82.500 11.345/11.155 10YR
VENZ 7.65 25 78.250-79.250 11.169/10.979 10YR
VENZ 11¾ 26 98.750-99.750 11.940/11.783 10YR
VENZ 9¼ 27 87.500-88.500 11.072/10.912 10YR
VENZ 9¼ 28 85.000-86.000 11.431/11.268 10YR
VENZ 11.95 31 98.750-99.750 12.123/11.982 30YR
VENZ 9⅜ 34 85.000-86.000 11.294/11.150 30YR
VENZ 7 38 71.000-72.000 10.285/10.137 30YR
**Corp***
PDVSA 4.9 14 99.250-100.250 7.524/3.966 1YR
PDVSA 5 15 93.500-94.500 10.534/9.647 2YR
PDVSA 5⅛ 16 88.750-89.750 10.808/10.267 2YR
PDVSA 5¼ 17 86.000-87.000 11.330/10.856 5YR
PDVSA 8½ 17 94.500-95.500 10.509/10.131 2YR
PDVSA 9 21 86.000-87.000 11.909/11.681 10YR
PDVSA 12¾ 22 101.500-102.500 12.433/12.229 10YR
PDVSA 6 24 67.000-68.000 11.743/11.518 10YR
PDVSA 6 26 65.750-66.750 11.183/10.983 10YR
PDVSA 5⅜ 27 64.000-65.000 10.583/10.390 10YR
PDVSA 9¾ 35 83.750-84.750 11.866/11.717 30YR
PDVSA 5½ 37 61.500-62.500 9.733/9.575 30YR
ELECAR 8½ 18 80.750-82.750 15.465/14.648 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.

Peru’s central bank unexpectedly cut borrowing costs for the first time in eight month as slowing mining investment hurts South America’s fastest growing economy of the last decade.

The six-member board, led by bank President Julio Velarde, lowered the overnight rate by a quarter point to 3.75 percent yesterday, as forecast by four of 15 economists surveyed by Bloomberg. Ten analysts expected rates to be left unchanged, while one forecast a half-point reduction.

Read full article…

http://www.bloomberg.com/news/2014-07-10/peru-unexpectedly-cuts-rate-to-3-75-to-counter-gdp-slowdown.html

Bid Ask Bid Ask
Security Px Px YTM YTM Bench
—————————————————————-
**Venezuela***
VENZ 8½ 14 100.000-101.000 8.310/4.030 1YR
VENZ 5¾ 16 94.500-95.500 9.498/8.794 2YR
VENZ 13⅝ 18 108.250-110.250 11.052/10.469 5YR
VENZ 7 18 87.250-88.250 10.720/10.405 5YR
VENZ 7¾ 19 86.750-87.750 11.148/10.869 5YR
VENZ 6 20 77.250-78.250 11.049/10.791 5YR
VENZ 12¾ 22 103.500-104.500 12.055/11.865 10YR
VENZ 9 23 86.250-87.250 11.520/11.319 10YR
VENZ 8¼ 24 81.750-82.750 11.297/11.107 10YR
VENZ 7.65 25 78.000-79.000 11.216/11.025 10YR
VENZ 11¾ 26 98.750-99.750 11.940/11.783 10YR
VENZ 9¼ 27 87.500-88.500 11.072/10.912 10YR
VENZ 9¼ 28 84.750-85.750 11.472/11.309 10YR
VENZ 11.95 31 99.000-100.000 12.087/11.948 30YR
VENZ 9⅜ 34 85.000-86.000 11.294/11.150 30YR
VENZ 7 38 71.000-72.000 10.285/10.137 30YR
**Corp***
PDVSA 4.9 14 99.250-100.250 7.499/3.975 1YR
PDVSA 5 15 93.750-94.750 10.299/9.418 2YR
PDVSA 5⅛ 16 89.250-90.250 10.530/9.993 2YR
PDVSA 5¼ 17 85.500-86.500 11.564/11.087 5YR
PDVSA 8½ 17 94.000-95.000 10.697/10.318 2YR
PDVSA 9 21 85.500-86.500 12.023/11.794 10YR
PDVSA 12¾ 22 101.250-102.250 12.484/12.280 10YR
PDVSA 6 24 66.750-67.750 11.798/11.573 10YR
PDVSA 6 26 65.500-66.500 11.233/11.032 10YR
PDVSA 5⅜ 27 63.750-64.750 10.631/10.437 10YR
PDVSA 9¾ 35 83.000-84.000 11.980/11.828 30YR
PDVSA 5½ 37 61.250-62.250 9.774/9.614 30YR
ELECAR 8½ 18 80.500-82.500 15.564/14.745 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.

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