The president’s latest comments came after Guaido proposed an agreement that would see general elections held in exchange for the lifting of US sanctions against his government.

 Venezuela

Last week, Venezuelan president Nicolás Maduro has indicated he is ready to restart halted talks with opposition leader Juan Guaido. “I am ready to meet with all the opposition to see what comes out of it,” Maduro said on public television late Wednesday (12th  May). “Now Guaidó wants to sit down with me,” he said, adding he would agree to a meeting with the help of the European Union and Norwegian government. Norway has taken on the role as mediator between the government and the opposition as Venezuela faces a political and economic crisis. Maduro’s government left the talks in 2019. The president’s latest comments came after Guaido proposed an agreement that would see general elections held in exchange for the lifting of US sanctions against his government.
Also last week, a letter, signed by former Venezuelan lawmaker and Boston Group head coordinator Pedro Diaz Blum, has been sent to President Nicolas Maduro's government, political opposition parties, the UN office in Caracas, the US State Department and the Boston Group's remaining US congressional member, US House Foreign Affairs Committee chairman Greg Meeks (D-New York), among others. The letter outlines the "citizen initiative" to funnel part of the revenue from oil sales into an escrow account to pay for UN-coordinated humanitarian programs. The mechanism could generate an estimated $50m a month from a fixed volume of crude sold by Venezuelan state-owned PdV's joint ventures. The timing of the proposal coincides with overtures from both sides in Venezuela's protracted political conflict to restart a dialogue, Argus Media reported.

For Venezuela bonds, the de-jure and de-facto administrations disagree on how bondholders should look at prescriptions periods. On 28th September 2020, Venezuela’s opposition-designated attorney general, appointed by National Assembly President Juan Guaido, published a statement saying that it is the view of the Guaido team that the contractual prescription period has not begun to run in respect of an overdue amount of principal or interest payable under any of the bonds issued by the government. According to the opposition government, the 10 and 3 year periods set out in the prescription clause of most Venezuela, PDVSA and ELECAR bonds will not begin to run unless and until:

            (i) the Fiscal Agent receives the full amount owed by the Republic and

            (ii) the holders have been notified of such event.

At the same time, attorney general indicated the statutory limitation period of six years under the laws of New York still applies.

This followed a statement from Maduro’s finance minister Delcy Rodriguez who highlighted that with the third anniversary for the first missed bond payment in 2017 coming soon, prescription deadlines for interests will expire and the launch on 15th  September 2020 of the Maduro conditional offer. Under the offer, bondholders would agree to renounce to rights to litigate and in exchange prescriptions deadlines would be waived.
http://www.mppef.gob.ve/comunicados-oficiales/

The Maduro conditional offer expired on 14th March 2021 and won’t be extended again, however the government said it will keep talking with Venezuela, PDVSA and Electricidad de Caracas bondholders in order to reach agreements under the same conditions as those with whom the Tolling Agreements are entered into. The proposed mechanism would require licenses from the US Treasury Department's Office of Foreign Assets Control, which administers sanctions.

 

Credit	Type / ISIN	Indicative price (%)*
Venezuela	VENZ 13 5/8 08/15/18	10	11
Venezuela	VENZ 9 ¼ 09/15/27	10	11
Venezuela	VENZ 7 3/4 10/13/19	9.5	10.5
Venezuela	VENZ 6 12/09/20	9.5	10.5
Venezuela	VENZ 12 3/4 08/23/22	10	11
Venezuela	VENZ 9 05/07/23	9.5	10.5
Venezuela	VENZ 8 1/4 10/13/24	9.5	10.5
Venezuela	VENZ 7.65 04/21/25	9.5	10.5
Venezuela	VENZ 11 3/4 10/21/26	10	11
Venezuela	VENZ 9 1/4 05/07/28	9.5	10.5
Venezuela	VENZ 11.95 08/05/31	10	11
Venezuela	VENZ 9 3/8 01/13/34	9.5	10.5
Venezuela	VENZ 7 03/31/38	9.5	10.5
Venezuela	ICSID Claims	Call desk for Prices
PDVSA	PDVSA 8 1/2 10/27/20	25	28
PDVSA	PDVSA 9 11/17/21	4.5	5.5
PDVSA	PDVSA 12 3/4 02/17/22	4.5	5.5
PDVSA	PDVSA 6 10/28/22	4.5	5.5
PDVSA	PDVSA 6 05/16/24	4.5	5.5
PDVSA	PDVSA 6 11/15/26	4.5	5.5
PDVSA	PDVSA 5 3/8 04/12/27	4.5	5.5
PDVSA	PDVSA 9 3/4 05/17/35	4.5	5.5
PDVSA	PDVSA 5 1/2 04/12/37	4.5	5.5
PDVSA	Promissory Notes	Call desk for Prices
PDVSA	Trade Receivables	Call desk for Prices

* Indicative price for positions with institutional size only. For smaller sizes please call desk 

 

Argentina

Argentina may be granted an extension to make this year’s payment on its debt with Paris Club members if it agrees to receive a mission from the International Monetary Fund (IMF) as part of the Article IV and VI consultations, Ambito Financiero reported last week. Argentina has a $2.4bn payment due this month to Paris Club members, although it could opt to exercise a 60-day grace period, until 30 July, as reported. The country is trying to speed up debt negotiations with the IMF in order to show progress on those talks so as to secure a one-year postponement on the Paris Club payment. Argentine President Alberto Fernández Friday rounded up his one-week European tour with meetings in Rome with International Monetary Fund (IMF) Director Kristalina Georgieva and former US Secretary of State John Kerry, Fernández and Georgieva concurred on the need to reach an “as quickly as possible“ on the renegotiation of Argentina's debt, without ”demanding greater efforts from the Argentine people.“, mercopress reported. Argentina’s trying to renegotiate its record $45bn  loan with the IMF. The government said it can’t repay the credit, which stems from a failed 2018 programme, and is seeking relief amid a tough economic outlook including worsening poverty and annual inflation running at more than 40 percent.

Credit	Type / ISIN	Indicative price (%)
IMPSA	IMPSA 7 ½ 12/30/25	Call desk for Prices
Argentina	ARGENT 0 1/8 07/09/30	35.8	36.7
Argentina	ARGENT 8.28 12/31/33	47.1	56.5
Argentina	ARGENT 7 1/8 06/28/17	40.7	44.6
Argentina	ARGENT 3 3/4 12/31/38	38.3	47.7
Argentina	ARGENT 5 7/8 01/11/28	39.3	49
Argentina	ARGENT 1 07/09/29	37.7	38.6
Argentina	ARGENT 3.38 12/31/38	38.5	43.7
Argentina	ARGENT 7 1/2 04/22/26	45.5	49
Argentina	ARGENT 6 7/8 04/22/21	47.9	49.5
Argentina	ARGENT 7.82 12/31/33	42.6	49.5
Argentina	ARGENT 5 5/8 01/26/22	42.2	48.5
Argentina	ARGENT 0 1/8 07/09/35	31.4	32.2
Argentina	ARGENT 6 7/8 01/26/27	42.1	45.9
Argentina	ARGENT 6 7/8 01/11/48	42.1	47.1
Argentina	ARGENT 0 1/8 01/09/38	37.6	38.3
Argentina	ARGENT 0 1/8 07/09/46	31.3	32.3
Argentina	ARGENT 4 5/8 01/11/23	42	51.3
Provincia de Buenos Aires	BUENOS 7 7/8 06/15/27	41	44.1
Provincia de Buenos Aires	BUENOS 9.95 06/09/21	42.9	46.1
Provincia de Buenos Aires	BUENOS 6 1/2 02/15/23	38.8	44.1
Provincia de Buenos Aires	BUENOS 4 05/15/35	39.2	45
Provincia de Buenos Aires	BUENOS 9 5/8 04/18/28	42.1	46.5
Banco Macro	BMAAR 6 3/4 11/04/26	79.5	81.5
Pampa Energia	PAMPAR 9 1/8 04/15/29	85	87.6
YPF	YPFDAR 8 1/2 07/28/25	74.9	76.1
YPF	YPFDAR 8 3/4 04/04/24	84.3	86.5
YPF	YPFDAR 6.95 07/21/27	65.3	66.3
YPF	YPFDAR 7 12/15/47	59.4	62.1
YPF	YPFDAR 8 1/2 06/27/29	66.9	69.4
*For any other bonds please call desk for prices

* Indicative price for positions with institutional size only. For smaller sizes please call desk