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Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   80.000-81.000   51.249/48.471 2YR

VENZ   7     18   40.750-41.750   41.282/40.247 5YR

VENZ   13⅝  18   69.500-71.500   29.535/28.228 5YR

VENZ   7¾   19   36.500-37.500   40.298/39.297 5YR

VENZ   6     20   34.500-35.500   32.684/31.863 7YR

VENZ   12¾  22   43.750-44.750   34.387/33.669 5YR

VENZ   9     23   36.500-37.500   31.032/30.304 10YR

VENZ   8¼   24   35.500-36.500   28.170/27.498 10YR

VENZ   7.65  25   34.500-35.500   26.930/26.275 10YR

VENZ   11¾  26   40.750-41.750   30.653/29.977 10YR

VENZ   9¼   27   40.750-41.750   24.908/24.365 10YR

VENZ   9¼   28   36.500-37.500   27.190/26.536 10YR

VENZ   11.95 31   40.750-41.750   29.838/29.152 30YR

VENZ   9⅜   34   36.750-37.750   25.988/25.335 30YR

VENZ   7     38   33.750-34.750   21.158/20.584 30YR

**Corp***

PDVSA  5     15  100.000-101.000   4.934/0.698  1YR

PDVSA  5⅛   16   60.000-62.000   53.311/49.897 2YR

PDVSA  5¼   17   47.250-48.250   58.343/56.676 5YR

PDVSA  8½   17   65.750-66.750   30.685/29.839 3YR

PDVSA  9     21   39.250-40.250   31.944/31.218 5YR

PDVSA  12¾  22   46.000-47.000   33.650/32.964 5YR

PDVSA  6     24   32.750-33.750   25.520/24.882 10YR

PDVSA  6     26   32.250-33.250   23.084/22.499 10YR

PDVSA  5⅜   27   31.750-32.750   21.562/21.012 10YR

PDVSA  9¾   35   39.000-40.000   25.311/24.705 30YR

PDVSA  5½   37   31.500-32.500   18.349/17.841 30YR

ELECAR 8½   18   35.000-41.000   60.054/51.240 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.

Applications for U.S. unemployment benefits rose last week after reaching a four-decade low, consistent with a stronger labor market. Jobless claims increased by 12,000 to 267,000 in the period ended July 25, from 255,000 the prior week that was the lowest since November 1973, a report from the Labor Department showed Thursday. The median forecast of 46 economists surveyed by Bloomberg called for 270,000. The four-week moving average, a less-volatile measure of job cuts, declined. Dismissals holding below 300,000 and sustained hiring would help convince Federal Reserve policy makers that the economy can withstand an increase in the benchmark interest rate. Claims “are at extremely low levels, which continues to emphasize that the labor market is improving,” Jennifer Lee, a senior economist at BMO Capital Markets in Toronto, said before the report. The improvement in the job market “is enough to keep the economy growing.” Another report Thursday showed gross domestic product rose at a 2.3 percent annualized rate in the second quarter after a revised increase of 0.6 percent in the first three months of the year, according to the Commerce Department. Economists’ estimates in the Bloomberg survey ranged from 250,000 to 285,000 claims. There was nothing unusual in the report, a Labor Department spokesman said as the report was released to the press. Claims for Puerto Rico were estimated. The four-week average, a less volatile measure than the weekly numbers, decreased to 274,750 last week from 278,500.

Read full article…

http://www.bloomberg.com/news/articles/2015-07-30/jobless-claims-in-u-s-climbed-last-week-from-four-decade-low

The world’s largest economy expanded at a faster pace in the second quarter and managed to eke out a gain at the start of the year, painting a picture on incremental progress consistent with the Federal Reserve’s view. Gross domestic product rose at a 2.3 percent annualized rate, and a revised 0.6 percent advance in the first quarter wiped out a previously reported contraction, Commerce Department data showed Thursday in Washington. The median forecast of 80 economists surveyed by Bloomberg called for a 2.5 percent gain. Consumer spending grew more than projected. The economy has moved beyond some of the early 2015 constraints including weather and port delays, while cooling global markets, a strong dollar and insufficient wage gains may continue to limit growth. Fed officials, considering when to begin raising rates this year, concluded on Wednesday that the U.S. is making progress. “We have plodding, modest yet durable growth,” Michael Gapen, the New York-based chief U.S. economist for Barclays Plc., said before the report. “A gradual raising of rates is reasonable” for the Fed. Economists’ estimates for GDP, or the value of all goods and services produced, ranged from 1.2 percent to 3.8 percent. The growth estimate is the first of three for the quarter, with the other releases scheduled for August and September when more information becomes available. The Commerce Department also issued its annual revisions, updating the data back through 2012. The first-quarter’s reading was revised up from a previously reported 0.2 percent drop.

Read full article…

http://www.bloomberg.com/news/articles/2015-07-30/u-s-economy-picked-up-in-second-quarter-after-better-2015-start

Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   79.000-80.000   53.829/51.001 2YR

VENZ   7     18   40.750-41.750   41.257/40.223 5YR

VENZ   13⅝  18   68.500-71.500   30.193/28.216 5YR

VENZ   7¾   19   36.500-37.500   40.280/39.280 5YR

VENZ   6     20   34.500-35.500   32.673/31.853 7YR

VENZ   12¾  22   43.750-44.750   34.381/33.663 5YR

VENZ   9     23   36.500-37.500   31.028/30.300 10YR

VENZ   8¼   24   35.500-36.500   28.166/27.494 10YR

VENZ   7.65  25   34.500-35.500   26.927/26.272 10YR

VENZ   11¾  26   41.000-42.000   30.480/29.811 10YR

VENZ   9¼   27   41.000-42.000   24.769/24.230 10YR

VENZ   9¼   28   36.750-37.750   27.022/26.376 10YR

VENZ   11.95 31   41.000-42.000   29.661/28.984 30YR

VENZ   9⅜   34   37.000-38.000   25.822/25.177 30YR

VENZ   7     38   33.250-34.250   21.457/20.866 30YR

**Corp***

PDVSA  5     15  100.000-101.000   4.935/0.747  1YR

PDVSA  5⅛   16   60.000-62.000   53.195/49.790 2YR

PDVSA  5¼   17   46.500-47.500   59.529/57.830 5YR

PDVSA  8½   17   65.000-66.000   31.305/30.447 3YR

PDVSA  9     21   39.000-40.000   32.123/31.391 5YR

PDVSA  12¾  22   44.000-45.000   35.086/34.352 5YR

PDVSA  6     24   32.500-33.500   25.680/25.035 10YR

PDVSA  6     26   32.000-33.000   23.233/22.641 10YR

PDVSA  5⅜   27   31.250-32.250   21.845/21.282 10YR

PDVSA  9¾   35   38.500-39.500   25.626/25.004 30YR

PDVSA  5½   37   31.250-32.250   18.481/17.964 30YR

ELECAR 8½   18   35.000-41.000   60.003/51.198 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.

Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   78.000-79.000   56.447/53.568 2YR

VENZ   7     18   40.000-41.000   42.027/40.970 5YR

VENZ   13⅝  18   68.500-71.500   30.179/28.203 5YR

VENZ   7¾   19   35.500-36.500   41.298/40.261 5YR

VENZ   6     20   33.500-34.500   33.514/32.662 7YR

VENZ   12¾  22   42.250-43.250   35.501/34.743 5YR

VENZ   9     23   35.250-36.250   31.977/31.210 10YR

VENZ   8¼   24   34.250-35.250   29.047/28.336 10YR

VENZ   7.65  25   33.500-34.500   27.603/26.918 10YR

VENZ   11¾  26   39.750-40.750   31.356/30.650 10YR

VENZ   9¼   27   39.750-40.750   25.472/24.905 10YR

VENZ   9¼   28   35.250-36.250   28.052/27.356 10YR

VENZ   11.95 31   39.750-40.750   30.553/29.834 30YR

VENZ   9⅜   34   35.750-36.750   26.680/25.989 30YR

VENZ   7     38   32.750-33.750   21.766/21.157 30YR

**Corp***

PDVSA  5     15   99.250-100.250   8.026/3.917  1YR

PDVSA  5⅛   16   59.000-61.000   54.602/51.143 2YR

PDVSA  5¼   17   45.500-46.500   60.985/59.246 5YR

PDVSA  8½   17   64.000-65.000   32.152/31.278 3YR

PDVSA  9     21   37.250-38.250   33.467/32.684 5YR

PDVSA  12¾  22   44.000-45.000   35.079/34.345 5YR

PDVSA  6     24   32.000-33.000   26.009/25.350 10YR

PDVSA  6     26   31.500-32.500   23.538/22.931 10YR

PDVSA  5⅜   27   30.750-31.750   22.130/21.553 10YR

PDVSA  9¾   35   37.250-38.250   26.451/25.787 30YR

PDVSA  5½   37   30.500-31.500   18.888/18.347 30YR

ELECAR 8½   18   35.000-41.000   59.850/51.073 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.

Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   78.500-79.500   54.206/51.410 2YR

VENZ   7     18   40.250-41.250   41.683/40.636 5YR

VENZ   13⅝  18   68.500-71.500   30.138/28.167 5YR

VENZ   7¾   19   35.750-36.750   40.979/39.953 5YR

VENZ   6     20   33.750-34.750   33.265/32.422 7YR

VENZ   12¾  22   42.500-43.500   35.291/34.541 5YR

VENZ   9     23   35.500-36.500   31.768/31.010 10YR

VENZ   8¼   24   34.500-35.500   28.856/28.153 10YR

VENZ   7.65  25   33.750-34.750   27.426/26.749 10YR

VENZ   11¾  26   40.000-41.000   31.172/30.474 10YR

VENZ   9¼   27   40.000-41.000   25.323/24.762 10YR

VENZ   9¼   28   35.750-36.750   27.696/27.018 10YR

VENZ   11.95 31   40.000-41.000   30.364/29.654 30YR

VENZ   9⅜   34   35.750-36.750   26.682/25.991 30YR

VENZ   7     38   32.750-33.750   21.764/21.156 30YR

**Corp***

PDVSA  5     15   99.250-100.250   7.993/3.929  1YR

PDVSA  5⅛   16   59.250-61.250   54.044/50.614 2YR

PDVSA  5¼   17   45.750-46.750   60.449/58.726 5YR

PDVSA  8½   17   63.500-64.500   32.512/31.632 3YR

PDVSA  9     21   37.500-38.500   33.248/32.474 5YR

PDVSA  12¾  22   44.500-45.500   34.688/33.968 5YR

PDVSA  6     24   32.500-33.500   25.664/25.020 10YR

PDVSA  6     26   32.000-33.000   23.224/22.632 10YR

PDVSA  5⅜   27   31.250-32.250   21.836/21.273 10YR

PDVSA  9¾   35   37.750-38.750   26.114/25.468 30YR

PDVSA  5½   37   31.000-32.000   18.613/18.089 30YR

ELECAR 8½   18   38.000-44.000   55.188/47.254 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.

Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   78.500-79.500   53.947/51.168 2YR

VENZ   7     18   41.500-42.500   40.354/39.348 5YR

VENZ   13⅝  18   69.750-72.750   29.290/27.366 5YR

VENZ   7¾   19   36.500-37.500   40.188/39.191 5YR

VENZ   6     20   34.500-35.500   32.619/31.800 7YR

VENZ   12¾  22   43.500-44.500   34.535/33.812 5YR

VENZ   9     23   36.250-37.250   31.192/30.458 10YR

VENZ   8¼   24   35.250-36.000   28.322/27.810 10YR

VENZ   7.65  25   34.500-35.500   26.912/26.258 10YR

VENZ   11¾  26   41.000-42.000   30.472/29.804 10YR

VENZ   9¼   27   41.000-42.000   24.760/24.222 10YR

VENZ   9¼   28   36.250-37.250   27.352/26.690 10YR

VENZ   11.95 31   40.750-41.750   29.826/29.141 30YR

VENZ   9⅜   34   36.500-37.500   26.161/25.498 30YR

VENZ   7     38   33.500-34.500   21.304/20.722 30YR

**Corp***

PDVSA  5     15   99.250-100.250   7.960/3.941  1YR

PDVSA  5⅛   16   60.000-62.000   52.626/49.265 2YR

PDVSA  5¼   17   46.750-47.750   58.634/56.963 5YR

PDVSA  8½   17   64.500-65.500   31.606/30.744 3YR

PDVSA  9     21   38.250-39.250   32.658/31.905 5YR

PDVSA  12¾  22   45.250-46.250   34.139/33.438 5YR

PDVSA  6     24   33.250-34.250   25.174/24.551 10YR

PDVSA  6     26   33.000-34.000   22.630/22.066 10YR

PDVSA  5⅜   27   32.400-33.400   21.188/20.655 10YR

PDVSA  9¾   35   38.400-39.400   25.690/25.065 30YR

PDVSA  5½   37   32.250-33.250   17.962/17.475 30YR

ELECAR 8½   18   38.000-44.000   55.143/47.216 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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