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Archive for October 20th, 2015

 New-home construction in the U.S. climbed in September, a sign residential real estate will bolster the world’s largest economy. Housing starts increased 6.5 percent to a 1.21 million annualized rate, more than forecast and the second-highest level in eight years, figures from the Commerce Department showed Tuesday in Washington. A drop in building permits indicates the rebound will be slow to materialize. American consumers, powered by an improving job market, are keeping the U.S. afloat as they continue to spend on big-ticket items such as homes and cars. A pickup in wage gains would give even more households the ability to save for a down payment, helping to sustain momentum in the housing industry. “The pipeline is certainly there for housing starts to do much better” in the coming months, Jacob Oubina, senior U.S. economist at RBC Capital Markets, said before the report. “That is a testament to the fact that while we’ve had these global headwinds, the U.S. domestic-sensitive sectors have continued to not only do well but to accelerate.” Estimates for housing starts in the Bloomberg survey of 78 economists ranged from 1.09 million to 1.2 million. The August figure was 1.13 million, little changed from the prior estimate. The increase in starts was mainly propelled by gains in work on multifamily homes, such as apartment buildings, which rose 18.3 percent to a 466,000 pace. The advance highlights increasing demand for rentals. Construction of single-family houses rose 0.3 percent to a 740,000 rate, the report showed.

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http://www.bloomberg.com/news/articles/2015-10-20/housing-starts-increase-as-construction-underpins-u-s-economy

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Venezuela & PDVSA Indicative Run

Security            B Px A Px      B YTM A YTM  Bench

——————————————————

**Venezuela***

VENZ   5¾   16   89.000-90.000   42.203/38.520 2YR

VENZ   7     18   42.250-43.250   41.856/40.802 2YR

VENZ   13⅝  18   58.750-61.750   38.949/36.390 5YR

VENZ   7¾   19   39.000-40.000   39.306/38.344 5YR

VENZ   6     20   36.750-37.750   31.752/30.970 7YR

VENZ   12¾  22   47.000-48.000   32.426/31.777 5YR

VENZ   9     23   38.250-39.250   30.165/29.477 10YR

VENZ   8¼   24   37.500-38.500   27.127/26.502 10YR

VENZ   7.65  25   36.750-37.750   25.751/25.151 10YR

VENZ   11¾  26   42.750-43.750   29.498/28.872 10YR

VENZ   9¼   27   42.750-43.750   23.946/23.443 10YR

VENZ   9¼   28   38.250-39.250   26.192/25.587 10YR

VENZ   11.95 31   43.000-44.000   28.310/27.696 30YR

VENZ   9⅜   34   38.750-39.750   24.717/24.129 30YR

VENZ   7     38   35.750-36.750   20.071/19.557 30YR

**Corp***

PDVSA  5     15   99.500-100.000  34.342/4.882  1YR

PDVSA  5⅛   16   71.500-73.500   42.475/39.159 2YR

PDVSA  5¼   17   50.250-51.250   61.136/59.331 5YR

PDVSA  8½   17   70.250-71.250   28.910/28.050 3YR

PDVSA  9     21   41.000-42.000   31.245/30.546 5YR

PDVSA  12¾  22   49.000-50.000   31.974/31.343 5YR

PDVSA  6     24   36.000-37.000   23.853/23.288 10YR

PDVSA  6     26   35.500-36.500   21.460/20.950 10YR

PDVSA  5⅜   27   34.500-35.500   20.286/19.796 10YR

PDVSA  9¾   35   41.250-42.250   24.026/23.481 10YR

PDVSA  5½   37   34.250-35.250   17.059/16.623 30YR

ELECAR 8½   18   39.000-43.000   57.880/52.090 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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