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Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   77.000-78.000   38.047/36.338 2YR

VENZ   7     18   40.750-41.750   38.345/37.399 5YR

VENZ   13⅝  18   67.000-69.000   29.729/28.475 5YR

VENZ   7¾   19   37.000-38.000   37.810/36.883 5YR

VENZ   6     20   34.500-35.500   31.349/30.567 7YR

VENZ   12¾  22   44.250-45.250   33.497/32.806 5YR

VENZ   9     23   36.500-37.500   30.516/29.800 10YR

VENZ   8¼   24   35.250-36.250   27.994/27.321 10YR

VENZ   7.65  25   34.750-35.750   26.443/25.802 10YR

VENZ   11¾  26   41.250-42.000   30.187/29.688 10YR

VENZ   9¼   27   40.750-41.250   24.764/24.490 10YR

VENZ   9¼   28   36.750-37.500   26.895/26.407 10YR

VENZ   11.95 31   41.500-42.250   29.217/28.720 30YR

VENZ   9⅜   34   37.250-38.000   25.593/25.113 30YR

VENZ   7     38   34.750-35.500   20.576/20.165 30YR

**Corp***

PDVSA  5     15   91.250-92.500   21.903/19.305 1YR

PDVSA  5⅛   16   58.000-59.000   45.083/43.712 2YR

PDVSA  5¼   17   40.000-40.750   60.210/58.943 5YR

PDVSA  8½   17   64.000-65.000   29.256/28.491 3YR

PDVSA  9     21   37.000-38.000   32.845/32.076 10YR

PDVSA  12¾  22   46.000-47.000   33.035/32.366 T 1⅜ 20

PDVSA  6     24   32.500-33.500   25.204/24.571 10YR

PDVSA  6     26   32.000-32.500   22.963/22.666 10YR

PDVSA  5⅜   27   31.750-32.500   21.312/20.901 10YR

PDVSA  9¾   35   37.500-38.500   26.265/25.609 30YR

PDVSA  5½   37   31.250-32.500   18.445/17.803 30YR

ELECAR 8½   18   32.000-33.000   59.437/57.818 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   5¾   16   76.250-77.250   39.351/37.616 2YR

VENZ   7     18   40.500-41.500   38.586/37.633 5YR

VENZ   13⅝  18   66.500-68.000   30.050/29.096 5YR

VENZ   7¾   19   36.250-37.500   38.527/37.342 5YR

VENZ   6     20   34.500-35.500   31.349/30.567 7YR

VENZ   12¾  22   44.000-45.000   33.674/32.976 5YR

VENZ   9     23   36.250-37.000   30.700/30.154 10YR

VENZ   8¼   24   35.000-36.000   28.167/27.486 10YR

VENZ   7.65  25   34.750-35.750   26.434/25.793 10YR

VENZ   11¾  26   41.000-42.000   30.357/29.688 10YR

VENZ   9¼   27   40.000-41.000   25.186/24.626 10YR

VENZ   9¼   28   36.250-37.250   27.230/26.568 10YR

VENZ   11.95 31   40.500-41.500   29.907/29.217 30YR

VENZ   9⅜   34   37.000-38.000   25.757/25.113 30YR

VENZ   7     38   34.500-35.500   20.717/20.165 30YR

**Corp***

PDVSA  5     15   93.000-94.500   18.090/15.132 1YR

PDVSA  5⅛   16   58.750-60.000   43.835/42.165 2YR

PDVSA  5¼   17   40.000-41.000   59.968/58.293 5YR

PDVSA  8½   17   65.000-65.500   28.491/28.115 3YR

PDVSA  9     21   36.500-37.500   33.241/32.457 10YR

PDVSA  12¾  22   45.600-46.600   33.309/32.631 5YR

PDVSA  6     24   32.000-33.000   25.531/24.884 10YR

PDVSA  6     26   32.000-33.000   22.963/22.377 10YR

PDVSA  5⅜   27   31.750-32.750   21.305/20.760 10YR

PDVSA  9¾   35   37.250-38.250   26.435/25.770 30YR

PDVSA  5½   37   31.750-32.750   18.180/17.678 30YR

ELECAR 8½   18   32.000-33.000   59.296/57.683 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.

Federal Reserve Bank of San Francisco President John Williams said a discussion should happen mid-year about tightening policy, even as he lowered his growth forecast. Williams, who votes on policy this year, said in remarks prepared for delivery in Sydney Tuesday that he expects U.S. real gross domestic product to grow about 2.5 percent in 2015 from a previous forecast of just under 3 percent. He said he expected an improving economy to push wages and prices up, and inflation to move back toward the Fed’s 2 percent target. “I think that by mid-year it will be the time to have a discussion about starting to raise rates,” Williams said, altering the phrase from “serious discussion” that he used in a March 5 address in Honolulu. “I’m not making a prediction about what the Fed will do; I am saying that in my view, it would be appropriate to start weighing the pros and cons of taking action at that time.” In London, Federal Reserve Bank of St. Louis President James Bullard said the U.S. labor market will continue to tighten, increasing pressure on inflation. “Will we see wage pressure going forward? Yes, I think you will because labor markets are tightening up,” said Bullard, a non-voting member of the Federal Open Market Committee this year. “‘With the U.S. economy potentially going into boom phase here with very low unemployment, there is some risk you’d be surprised to the upside on inflation.”

Read full article..

http://www.bloomberg.com/news/articles/2015-03-24/fed-s-williams-says-rate-rise-discussion-should-begin-mid-year

Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   77.000-78.000   37.644/35.958 2YR

VENZ   7     18   41.000-41.700   38.020/37.362 5YR

VENZ   13⅝  18   67.250-68.500   29.532/28.748 5YR

VENZ   7¾   19   37.250-38.250   37.510/36.594 5YR

VENZ   6     20   35.250-36.250   30.720/29.961 7YR

VENZ   12¾  22   45.000-46.000   32.966/32.293 5YR

VENZ   9     23   37.750-38.750   29.607/28.928 10YR

VENZ   8¼   24   36.000-37.000   27.472/26.821 10YR

VENZ   7.65  25   35.750-36.750   25.786/25.174 10YR

VENZ   11¾  26   42.000-43.000   29.679/29.038 10YR

VENZ   9¼   27   41.000-42.000   24.624/24.088 10YR

VENZ   9¼   28   37.500-38.500   26.401/25.778 10YR

VENZ   11.95 31   42.000-43.000   28.885/28.242 30YR

VENZ   9⅜   34   38.000-39.000   25.112/24.501 30YR

VENZ   7     38   35.250-36.250   20.297/19.769 30YR

**Corp***

PDVSA  5     15   95.000-96.000   14.078/12.191 1YR

PDVSA  5⅛   16   61.000-62.500   40.732/38.838 2YR

PDVSA  5¼   17   41.250-42.250   57.729/56.124 5YR

PDVSA  8½   17   66.500-67.500   27.296/26.570 3YR

PDVSA  9     21   38.000-39.000   32.049/31.310 10YR

PDVSA  12¾  22   47.500-48.500   32.027/31.391 5YR

PDVSA  6     24   33.750-34.750   24.402/23.803 10YR

PDVSA  6     26   33.500-37.500   22.085/20.041 10YR

PDVSA  5⅜   27   33.250-34.250   20.493/19.986 10YR

PDVSA  9¾   35   38.000-39.000   25.930/25.290 30YR

PDVSA  5½   37   33.000-34.000   17.556/17.089 30YR

ELECAR 8½   18   36.000-39.000   53.127/49.130 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.

Fewer than 300,000 Americans filed applications for unemployment benefits for a second week, signaling the labor market remains strong. Jobless claims rose by 1,000 to 291,000 in the seven days ended March 14, from a revised 290,000 in the prior period, a Labor Department report showed Thursday in Washington. The median forecast of 51 economists surveyed by Bloomberg called for 293,000. The figures correspond to the week the government surveys employers to calculate the monthly payroll data, indicating hiring probably continued to pick up. “The labor market is resilient,” Guy Berger, U.S. economist at RBS Securities Inc. in Stamford, Connecticut, said before the report. “We’ve seen a big pickup in hiring. As long as the labor market holds up, the economy will reaccelerate.” After weeks of weather-related swings, claims settling at the current low level shows employers are holding on to workers, which bodes well for household spending, the biggest part of the economy. The results are in sync with the assessment of Federal Reserve policy makers, who said after their meeting Wednesday that job-market conditions have improved. Another report Thursday showed the U.S. current-account deficit widened in the fourth quarter on a reduction in corporate investment earnings from equity holdings of foreign affiliates. The gap, the broadest measure of international trade because it includes income payments and government transfers, grew 14.7 percent to $113.5 billion, the biggest in more than two years, from a revised $98.9 billion shortfall in the prior period, Commerce Department figures showed. The median forecast of economists in a Bloomberg survey called for the deficit to widen to $104.1 billion.

Read full article…

http://www.bloomberg.com/news/articles/2015-03-19/jobless-claims-in-u-s-little-changed-in-payroll-survey-week

Bid Ask         Bid Ask

Security              Px Px          YTM YTM    Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   75.250-77.250   40.461/37.025 2YR

VENZ   7     18   39.000-40.000   39.938/38.942 5YR

VENZ   13⅝  18   64.750-66.750   31.138/29.832 5YR

VENZ   7¾   19   37.750-35.750   37.016/38.913 5YR

VENZ   6     20   32.750-33.750   32.730/31.894 7YR

VENZ   12¾  22   42.570-43.500   34.701/34.017 5YR

VENZ   9     23   34.250-35.250   32.215/31.426 10YR

VENZ   8¼   24   33.250-34.250   29.415/28.676 10YR

VENZ   7.65  25   32.750-33.750   27.796/27.092 10YR

VENZ   11¾  26   39.000-40.000   31.773/31.041 10YR

VENZ   9¼   27   38.250-39.250   26.225/25.620 10YR

VENZ   9¼   28   35.000-36.000   28.095/27.390 10YR

VENZ   11.95 31   39.000-40.000   31.011/30.267 30YR

VENZ   9⅜   34   35.500-36.500   26.790/26.091 30YR

VENZ   7     38   33.000-34.000   21.602/21.000 30YR

**Corp***

PDVSA  5     15   94.000-96.000   15.897/12.123 1YR

PDVSA  5⅛   16   57.250-59.250   45.604/42.883 2YR

PDVSA  5¼   17   37.500-38.500   64.057/62.249 5YR

PDVSA  8½   17   62.000-63.000   30.696/29.905 3YR

PDVSA  9     21   34.750-35.750   34.648/33.806 10YR

PDVSA  12¾  22   43.500-44.500   34.790/34.061 5YR

PDVSA  6     24   30.250-31.250   26.714/26.012 10YR

PDVSA  6     26   30.000-31.000   24.215/23.565 10YR

PDVSA  5⅜   27   29.750-30.750   22.470/21.867 10YR

PDVSA  9¾   35   34.750-35.750   28.262/27.498 30YR

PDVSA  5½   37   30.000-31.000   19.134/18.574 30YR

ELECAR 8½   18   36.000-39.000   53.047/49.058 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. stock-index futures fell before the Federal Reserve’s decision on monetary policy as oil prices slide for a seventh consecutive day. E-Mini futures on the Standard & Poor’s 500 Index expiring in June slipped 0.4 percent to 2,058.50 at 7:47 a.m. in New York. The underlying equity gauge hasn’t posted a two-day gain in a month. Dow Jones Industrial Average E-Mini futures retreated 78 points, or 0.4 percent, to 17,777. The S&P 500 has lost 2 percent from its March 2 record as concern mounts that the surging dollar will hurt corporate earnings. Fed officials are assessing the economy and debating the timing of the first interest-rate increase since 2006 at a two-day meeting ending today. The Fed may remove wording describing its stance to raising rates as “patient.” Chair Janet Yellen speaks to the press from 2:30 p.m. in Washington. “We think it’s a bit premature to call the rise in rates so soon,” said Patrick Spencer, equities vice-chairman at Robert W. Baird & Co. in London. “The higher dollar has basically already given you some of that rate-increase effect. Yellen will look at the strength of the dollar, the weakness of the global economy, drop the word ‘patience’ from her guidance, but give comfort that she won’t raise rates until it’s a requirement.” Speculation that a strengthening economy is pushing the central bank closer to a rate hike has weighed on U.S. equities, making them among the worst-performing developed markets this year. Fed stimulus has helped spur a six-year bull market that made the S&P 500 more than triple since a low in in 2009. Investors are weighing whether weaker than-expected U.S. economic data could temper the outlook for higher rates. The Bloomberg ECO U.S. Surprise Index, which measures whether data beat or missed forecasts, has dropped to a six-year low.

Read full article…

http://www.bloomberg.com/news/articles/2015-03-18/u-s-index-futures-are-little-changed-before-fed-policy-decision

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