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 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.

Read full article…

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

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.

Security            B Px A Px      B YTM A YTM  Bench

——————————————————

**Venezuela***

VENZ   5¾   16   87.000-88.000   48.818/45.054 2YR

VENZ   7     18   41.500-42.500   42.575/41.500 2YR

VENZ   13⅝  18   58.750-61.750   38.889/36.336 5YR

VENZ   7¾   19   38.750-39.750   39.500/38.531 5YR

VENZ   6     20   36.750-37.750   31.715/30.935 7YR

VENZ   12¾  22   46.500-47.500   32.747/32.088 5YR

VENZ   9     23   38.000-39.000   30.325/29.630 10YR

VENZ   8¼   24   37.250-38.250   27.280/26.649 10YR

VENZ   7.65  25   36.750-37.750   25.745/25.144 10YR

VENZ   11¾  26   42.500-43.500   29.656/29.023 10YR

VENZ   9¼   27   42.500-43.500   24.073/23.564 10YR

VENZ   9¼   28   38.000-39.000   26.341/25.729 10YR

VENZ   11.95 31   42.750-43.750   28.467/27.846 30YR

VENZ   9⅜   34   38.500-39.500   24.867/24.272 30YR

VENZ   7     38   35.750-36.750   20.071/19.558 30YR

**Corp***

PDVSA  5     15   99.875-100.125   9.780/0.000  1YR

PDVSA  5⅛   16   71.750-73.750   41.730/38.462 2YR

PDVSA  5¼   17   49.500-50.500   62.186/60.356 5YR

PDVSA  8½   17   69.500-70.500   29.480/28.611 3YR

PDVSA  9     21   41.000-42.000   31.221/30.523 5YR

PDVSA  12¾  22   48.500-49.500   32.283/31.643 5YR

PDVSA  6     24   36.000-37.000   23.840/23.275 10YR

PDVSA  6     26   35.500-36.500   21.452/20.943 10YR

PDVSA  5⅜   27   34.500-35.500   20.280/19.791 10YR

PDVSA  9¾   35   41.000-42.000   24.164/23.613 10YR

PDVSA  5½   37   34.250-35.250   17.059/16.623 30YR

ELECAR 8½   18   37.000-42.000   60.922/53.335 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   85.250-86.250   53.452/49.703 2YR

VENZ   7     18   39.250-40.250   44.925/43.777 2YR

VENZ   13⅝  18   58.500-61.500   38.991/36.435 5YR

VENZ   7¾   19   36.750-37.750   41.432/40.397 5YR

VENZ   6     20   35.000-36.000   33.075/32.246 7YR

VENZ   12¾  22   44.750-45.750   33.932/33.233 5YR

VENZ   9     23   35.750-36.750   31.960/31.199 10YR

VENZ   8¼   24   35.250-36.250   28.612/27.924 10YR

VENZ   7.65  25   34.750-35.750   27.014/26.359 10YR

VENZ   11¾  26   40.750-41.750   30.811/30.130 10YR

VENZ   9¼   27   40.750-41.750   25.008/24.462 10YR

VENZ   9¼   28   36.000-37.000   27.643/26.970 10YR

VENZ   11.95 31   41.000-42.000   29.623/28.951 30YR

VENZ   9⅜   34   36.500-37.500   26.152/25.492 30YR

VENZ   7     38   34.000-35.000   21.042/20.476 30YR

**Corp***

PDVSA  5     15   99.700-100.200  11.962/0.195  1YR

PDVSA  5⅛   16   70.500-72.500   43.177/39.884 2YR

PDVSA  5¼   17   46.750-47.750   66.766/64.813 5YR

PDVSA  8½   17   67.000-68.000   31.537/30.634 3YR

PDVSA  9     21   38.250-39.250   33.222/32.453 5YR

PDVSA  12¾  22   46.250-47.250   33.772/33.085 5YR

PDVSA  6     24   34.250-35.250   24.859/24.253 10YR

PDVSA  6     26   34.000-35.000   22.243/21.699 10YR

PDVSA  5⅜   27   33.500-34.500   20.781/20.269 10YR

PDVSA  9¾   35   38.500-39.500   25.660/25.037 10YR

PDVSA  5½   37   33.000-34.000   17.638/17.171 30YR

ELECAR 8½   18   37.000-42.000   60.614/53.071 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   85.000-86.000   52.711/49.071 2YR

VENZ   7     18   38.250-39.250   45.945/44.765 2YR

VENZ   13⅝  18   58.000-61.000   39.335/36.760 5YR

VENZ   7¾   19   36.000-37.000   42.125/41.065 5YR

VENZ   6     20   34.500-35.500   33.438/32.595 7YR

VENZ   12¾  22   44.000-45.000   34.453/33.737 5YR

VENZ   9     23   35.000-36.000   32.523/31.737 10YR

VENZ   8¼   24   34.500-35.500   29.128/28.417 10YR

VENZ   7.65  25   34.000-35.000   27.515/26.837 10YR

VENZ   11¾  26   40.000-41.000   31.327/30.624 10YR

VENZ   9¼   27   40.250-41.250   25.286/24.728 10YR

VENZ   9¼   28   35.250-36.250   28.160/27.461 10YR

VENZ   11.95 31   40.250-41.250   30.150/29.452 30YR

VENZ   9⅜   34   35.750-36.750   26.669/25.982 30YR

VENZ   7     38   33.250-34.250   21.491/20.899 30YR

**Corp***

PDVSA  5     15   99.250-100.250  18.232/0.488  1YR

PDVSA  5⅛   16   70.750-72.750   42.227/39.001 2YR

PDVSA  5¼   17   46.250-47.250   67.130/65.171 5YR

PDVSA  8½   17   67.250-68.250   31.157/30.265 3YR

PDVSA  9     21   37.250-38.250   33.977/33.180 5YR

PDVSA  12¾  22   45.500-46.500   34.279/33.576 5YR

PDVSA  6     24   33.750-34.750   25.149/24.531 10YR

PDVSA  6     26   33.250-34.250   22.653/22.092 10YR

PDVSA  5⅜   27   33.000-34.000   21.033/20.510 10YR

PDVSA  9¾   35   38.000-39.000   25.979/25.340 10YR

PDVSA  5½   37   32.750-33.750   17.756/17.282 30YR

ELECAR 8½   18   36.000-41.000   62.005/54.243 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   85.000-86.000   51.754/48.189 2YR

VENZ   7     18   37.500-38.500   46.756/45.549 2YR

VENZ   13⅝  18   58.250-60.250   39.056/37.334 5YR

VENZ   7¾   19   35.500-36.500   42.602/41.525 5YR

VENZ   6     20   33.500-34.500   34.274/33.400 7YR

VENZ   12¾  22   44.000-45.000   34.443/33.727 5YR

VENZ   9     23   34.750-35.750   32.706/31.913 10YR

VENZ   8¼   24   34.250-35.250   29.297/28.579 10YR

VENZ   7.65  25   34.000-35.000   27.479/26.803 10YR

VENZ   11¾  26   39.750-40.750   31.499/30.788 10YR

VENZ   9¼   27   40.000-41.000   25.427/24.863 10YR

VENZ   9¼   28   35.000-36.000   28.334/27.627 10YR

VENZ   11.95 31   40.000-41.000   30.330/29.624 30YR

VENZ   9⅜   34   35.250-36.250   27.027/26.320 30YR

VENZ   7     38   33.500-34.500   21.340/20.757 30YR

**Corp***

PDVSA  5     15   99.300-100.300  15.724/0.297  1YR

PDVSA  5⅛   16   70.000-72.000   43.150/39.902 2YR

PDVSA  5¼   17   46.000-47.000   67.247/65.287 5YR

PDVSA  8½   17   68.000-69.000   30.399/29.522 3YR

PDVSA  9     21   37.500-38.500   33.749/32.961 5YR

PDVSA  12¾  22   45.500-46.500   34.266/33.563 5YR

PDVSA  6     24   33.000-34.000   25.616/24.979 10YR

PDVSA  6     26   32.500-33.500   23.084/22.503 10YR

PDVSA  5⅜   27   32.500-33.500   21.296/20.761 10YR

PDVSA  9¾   35   37.250-38.250   26.478/25.814 10YR

PDVSA  5½   37   32.250-33.250   18.001/17.514 30YR

ELECAR 8½   18   36.000-41.000   61.820/54.087 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   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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