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Archive for September, 2015

Venezuela & PDVSA Indicative Run

Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   84.500-85.500   53.246/49.663 2YR

VENZ   7     18   36.750-37.750   47.655/46.418 2YR

VENZ   13⅝  18   56.000-59.000   41.070/38.382 5YR

VENZ   7¾   19   34.750-35.750   43.414/42.307 5YR

VENZ   6     20   33.000-34.000   34.711/33.820 7YR

VENZ   12¾  22   43.500-44.500   34.807/34.078 5YR

VENZ   9     23   34.500-35.500   32.904/32.102 10YR

VENZ   8¼   24   34.000-35.000   29.478/28.751 10YR

VENZ   7.65  25   33.250-34.250   27.995/27.295 10YR

VENZ   11¾  26   39.500-40.500   31.679/30.960 10YR

VENZ   9¼   27   39.750-40.750   25.571/25.001 10YR

VENZ   9¼   28   34.750-35.750   28.515/27.798 10YR

VENZ   11.95 31   39.750-40.750   30.512/29.797 30YR

VENZ   9⅜   34   35.000-36.000   27.210/26.493 30YR

VENZ   7     38   32.500-33.500   21.960/21.341 30YR

**Corp***

PDVSA  5     15   99.350-100.350  13.795/0.150  1YR

PDVSA  5⅛   16   69.000-71.000   44.494/41.207 2YR

PDVSA  5¼   17   44.500-45.500   69.902/67.866 5YR

PDVSA  8½   17   67.000-68.000   31.262/30.370 3YR

PDVSA  9     21   36.000-37.000   34.982/34.146 5YR

PDVSA  12¾  22   44.750-45.750   34.805/34.084 5YR

PDVSA  6     24   32.000-33.000   26.278/25.612 10YR

PDVSA  6     26   31.750-32.750   23.537/22.934 10YR

PDVSA  5⅜   27   31.500-32.500   21.849/21.288 10YR

PDVSA  9¾   35   36.250-37.250   27.179/26.477 30YR

PDVSA  5½   37   31.250-32.250   18.517/17.999 30YR

ELECAR 8½   18   35.000-40.000   63.348/55.371 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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Venezuela & PDVSA Indicative Run

Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   84.250-85.250   53.198/49.665 2YR

VENZ   7     18   36.000-37.000   48.508/47.241 2YR

VENZ   13⅝  18   55.250-58.250   41.709/38.980 5YR

VENZ   7¾   19   34.000-35.000   44.203/43.065 5YR

VENZ   6     20   32.500-33.500   35.131/34.223 7YR

VENZ   12¾  22   42.750-43.750   35.361/34.612 5YR

VENZ   9     23   34.000-35.000   33.301/32.481 10YR

VENZ   8¼   24   33.250-34.250   30.032/29.280 10YR

VENZ   7.65  25   32.750-33.750   28.354/27.637 10YR

VENZ   11¾  26   38.750-39.750   32.231/31.487 10YR

VENZ   9¼   27   39.000-40.000   26.013/25.424 10YR

VENZ   9¼   28   34.000-35.000   29.072/28.326 10YR

VENZ   11.95 31   39.000-40.000   31.072/30.331 30YR

VENZ   9⅜   34   34.250-35.250   27.774/27.026 30YR

VENZ   7     38   31.750-32.750   22.452/21.803 30YR

**Corp***

PDVSA  5     15   99.375-100.375  13.136/0.000  1YR

PDVSA  5⅛   16   68.250-70.250   45.650/42.321 2YR

PDVSA  5¼   17   44.250-45.250   70.288/68.241 5YR

PDVSA  8½   17   65.750-66.750   32.308/31.397 3YR

PDVSA  9     21   35.500-36.500   35.386/34.534 5YR

PDVSA  12¾  22   43.750-44.750   35.537/34.792 5YR

PDVSA  6     24   31.500-32.500   26.609/25.927 10YR

PDVSA  6     26   31.250-32.250   23.841/23.223 10YR

PDVSA  5⅜   27   31.000-32.000   22.137/21.562 10YR

PDVSA  9¾   35   35.750-69.750   27.541/14.407 30YR

PDVSA  5½   37   30.750-31.750   18.787/18.253 30YR

ELECAR 8½   18   35.000-40.000   63.285/55.318 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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Venezuela & PDVSA Indicative Run

Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   84.250-85.250   52.582/49.095 2YR

VENZ   7     18   37.250-38.250   46.865/45.653 2YR

VENZ   13⅝  18   56.250-59.250   40.737/38.075 5YR

VENZ   7¾   19   35.000-36.000   43.020/41.926 5YR

VENZ   6     20   33.500-34.500   34.197/33.325 7YR

VENZ   12¾  22   43.250-44.250   34.977/34.241 5YR

VENZ   9     23   35.250-36.250   32.270/31.495 10YR

VENZ   8¼   24   34.750-35.750   28.908/28.206 10YR

VENZ   7.65  25   34.000-35.000   27.456/26.781 10YR

VENZ   11¾  26   40.000-41.000   31.301/30.599 10YR

VENZ   9¼   27   40.500-41.500   25.138/24.586 10YR

VENZ   9¼   28   35.250-36.250   28.142/27.444 10YR

VENZ   11.95 31   40.250-41.250   30.151/29.453 30YR

VENZ   9⅜   34   35.500-36.500   26.846/26.148 30YR

VENZ   7     38   33.000-34.000   21.647/21.046 30YR

**Corp***

PDVSA  5     15   99.400-100.400  12.265/0.034  1YR

PDVSA  5⅛   16   69.000-71.000   44.169/40.911 2YR

PDVSA  5¼   17   46.250-47.250   66.010/64.090 5YR

PDVSA  8½   17   67.250-68.250   30.890/30.008 3YR

PDVSA  9     21   36.750-37.750   34.309/33.499 5YR

PDVSA  12¾  22   45.250-46.250   34.420/33.712 5YR

PDVSA  6     24   32.500-33.500   25.918/25.267 10YR

PDVSA  6     26   32.250-33.250   23.218/22.630 10YR

PDVSA  5⅜   27   31.750-32.750   21.698/21.144 10YR

PDVSA  9¾   35   37.000-38.000   26.645/25.972 30YR

PDVSA  5½   37   31.750-32.750   18.252/17.750 30YR

ELECAR 8½   18   35.000-40.000   63.160/55.213 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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 Applications for unemployment benefits in the U.S. rose by 3,000 last week to 267,000, a Labor Department report showed Thursday. The median forecast in a Bloomberg survey of economists projected jobless claims to increase to 272,000. The four-week moving average, a less-volatile measure of job cuts, dropped to the lowest level in more than a month.Claims are hovering near historically low levels as employers retain workers to cater to sales growth. Rising demand for labor, including steady payrolls growth and more job openings, will help to sustain household spending, the biggest part of the economy. “We’re not seeing a whole lot of layoffs,” said Scott Brown, chief economist at Raymond James Financial Inc. in St. Petersburg, Florida. “Claims have settled at a pretty low level. The labor market is definitely improving.” Economists’ estimates in the Bloomberg survey for weekly jobless claims ranged from 260,000 to 283,000. The four-week moving average decreased to 271,750 last week from 272,500.

Read full article.

http://www.bloomberg.com/news/articles/2015-09-24/jobless-claims-in-u-s-increased-3-000-last-week-to-267-000?module=TopNews&position=9_headline

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Venezuela & PDVSA Indicative Run

Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   84.750-85.750   49.414/46.076 2YR

VENZ   7     18   37.500-38.500   46.395/45.199 2YR

VENZ   13⅝  18   57.000-60.000   39.957/37.350 5YR

VENZ   7¾   19   35.250-36.250   42.631/41.552 5YR

VENZ   6     20   33.750-34.750   33.913/33.052 7YR

VENZ   12¾  22   44.500-45.500   34.045/33.342 5YR

VENZ   9     23   35.500-36.500   32.045/31.279 10YR

VENZ   8¼   24   35.000-36.000   28.708/28.015 10YR

VENZ   7.65  25   34.250-35.250   27.266/26.599 10YR

VENZ   11¾  26   40.500-41.500   30.933/30.246 10YR

VENZ   9¼   27   40.750-41.750   24.995/24.448 10YR

VENZ   9¼   28   35.750-36.750   27.779/27.098 10YR

VENZ   11.95 31   40.500-41.500   29.975/29.285 30YR

VENZ   9⅜   34   36.000-37.000   26.491/25.813 30YR

VENZ   7     38   33.500-34.500   21.338/20.755 30YR

**Corp***

PDVSA  5     15   99.450-100.450  10.666/0.230  1YR

PDVSA  5⅛   16   69.500-71.500   42.823/39.646 2YR

PDVSA  5¼   17   47.250-48.250   63.509/61.664 5YR

PDVSA  8½   17   68.250-69.250   29.869/29.010 3YR

PDVSA  9     21   37.250-38.250   33.859/33.066 5YR

PDVSA  12¾  22   46.250-47.250   33.691/33.007 5YR

PDVSA  6     24   32.750-33.750   25.730/25.087 10YR

PDVSA  6     26   32.500-33.500   23.055/22.475 10YR

PDVSA  5⅜   27   32.250-33.250   21.405/20.865 10YR

PDVSA  9¾   35   37.250-38.250   26.470/25.806 30YR

PDVSA  5½   37   32.000-33.000   18.120/17.625 30YR

ELECAR 8½   18   35.000-40.000   62.852/54.953 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.

Read Full Post »

Venezuela & PDVSA Indicative Run

Security            B Px A Px      B YTM A YTM  Bench

—————————————————————-

**Venezuela***

VENZ   5¾   16   85.750-86.750   45.825/42.583 2YR

VENZ   7     18   38.500-39.500   45.168/44.012 2YR

VENZ   13⅝  18   58.250-61.250   38.831/36.298 5YR

VENZ   7¾   19   36.250-37.250   41.530/40.490 5YR

VENZ   6     20   35.000-36.000   32.829/32.007 7YR

VENZ   12¾  22   45.500-46.500   33.339/32.659 5YR

VENZ   9     23   36.500-37.500   31.274/30.540 10YR

VENZ   8¼   24   36.000-37.000   28.011/27.348 10YR

VENZ   7.65  25   35.250-36.250   26.595/25.958 10YR

VENZ   11¾  26   41.500-42.500   30.244/29.586 10YR

VENZ   9¼   27   42.000-43.000   24.315/23.796 10YR

VENZ   9¼   28   36.750-37.750   27.096/26.449 10YR

VENZ   11.95 31   41.500-72.500   29.286/16.995 30YR

VENZ   9⅜   34   37.000-38.000   25.813/25.170 30YR

VENZ   7     38   34.500-35.500   20.754/20.203 30YR

**Corp***

PDVSA  5     15   99.450-100.450  10.503/0.362  1YR

PDVSA  5⅛   16   70.000-72.000   41.518/38.399 2YR

PDVSA  5¼   17   48.500-49.500   61.101/59.323 5YR

PDVSA  8½   17   69.750-70.750   28.560/27.726 3YR

PDVSA  9     21   38.500-39.500   32.864/32.108 5YR

PDVSA  12¾  22   47.750-48.750   32.668/32.016 5YR

PDVSA  6     24   33.750-34.750   25.083/24.467 10YR

PDVSA  6     26   33.250-34.250   22.615/22.054 10YR

PDVSA  5⅜   27   33.000-34.000   20.995/20.473 10YR

PDVSA  9¾   35   38.500-39.500   25.644/25.022 30YR

PDVSA  5½   37   32.750-33.750   17.746/17.272 30YR

ELECAR 8½   18   38.000-43.000   57.892/50.767 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.

Read Full Post »

China Is Hoarding the World’s Oil

Goldman Sachs says Chinese hoarding may avert $20 oil scenario. Price dips seen as green light for crude stockpiling in China. Even after China’s slowing economy dragged crude to a six-year low, oil’s second-biggest consumer remains the main safeguard against a further price meltdown. While China’s surprise currency devaluation helped trigger Brent crude’s slump to about $42 a barrel last month, the nation’s stockpiling of oil can staunch further losses. In the first seven months of the year, China purchased about half a million barrels of crude in excess of its daily needs, the most for the period since 2012, according to data compiled by Bloomberg. As the country gathers bargain barrels for its strategic petroleum reserve, the demand is cushioning an oversupplied market from a further crash, according to Columbia University’s Center on Global Energy Policy.  “It throws a lifeline to the market” that safeguards against the risk of crude touching $20 a barrel, Jeff Currie, head of commodities research at Goldman Sachs Group Inc. in New York, said by phone. “That lifeline lasts through late 2016.”

Read full article..

http://www.bloomberg.com/news/articles/2015-09-17/even-a-slowing-china-is-oil-s-best-defense-against-deeper-slump

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