Both Province of Buenos Aires and la Rioja bondholders filed a claim in US courts after a lack of improvement in the negotiations

 

 

WEEKLY NEWSLETTER 14th - 18th June 2021 * This material does not constitute "investment research" as defined by the rules of the Financial Conduct Authority * * This material is not intended for Retail Clients *

 

 

 

Venezuela Argentina Belize Cuba Suriname Avianca LATAM Airlines Aeromexico Odebrecht Samarco Lebanon Sudan

 

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Venezuela Last week, Vice President Delcy Rodríguez reiterated that Venezuela paid the total amount of USD 120mn due to the COVAX facility. However, she assured that the remaining amount for access to vaccines against Covid-19 through the COVAX facility was blocked by UBS Group AG and placed under investigation. Also last week, PDVSA sources quoted by local media Carpe Diem Comunicaciones and Hispano Post said that the state oil company PDVSA is "optimistic" in the face of negotiations with the Chinese government aiming to obtain a waiver that prevents crude exports from being subject to a prohibitive tax on Merey oil. The Chinese tax will charge a prohibitive of $30 per barrel on diluted bitumen, a product category used by PDVSA to evade US sanctions and sell Venezuelan crude re-labeled as Malaysian to China.

 

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 Last week, Spanish Prime Minister Pedro Sánchez on Wednesday offered his “absolute and total” support to the Argentine government’s bid to renegotiate the country’s debt with the International Monetary Fund and Paris Club group of creditors. The Argentine government is seeking to renegotiate a new financing programme with the IMF for its $44bn debt. Argentina also faces an overdue payment with the Paris Club, worth around $2.5bn. To date, Buenos Aires and La Rioja are the only provinces that have not yet been able to agree on the restructuring of their debt with foreign legislation. Through a statement, days ago the Ad Hoc Group of Bondholders of Buenos Aires claimed to be "disappointed" with the provincial government , which it claimed to act "responsibly and in good faith" so that the debt swap could be successful. Through a statement from the White & Case LLP study - in charge of representing the bondholders - the Group of creditors indicated that "in light of this recovery and economic normalization underway, and the continuous attempts of the Province of behaving opportunistically and without taking into account the legitimate expectations of its bondholders, we have formally revoked our proposal ." The proposal was previously rejected by the Province, as expressed days ago by the Ministry of Finance and Finance " the province has reached its limit of possibilities without compromising its fiscal, social and financial sustainability". Both Province of Buenos Aires and la Rioja bondholders filed a claim in US courts after a lack of improvement in the negotiations.

 

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/8 07/09/30 38.7 40.3 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 40.7 42.6 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 34.4 35.1 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 07/09/41 38.1 38.4 Argentina ARGENT 0 1/8 01/09/38 40.2 40.8 Argentina ARGENT 0 1/8 07/09/46 34.6 35.5 Argentina ARGENT 4 5/8 01/11/23 42 51.3 Province of Buenos Aires BUENOS 7 7/8 06/15/27 43.8 46.3 Province of Buenos Aires BUENOS 9.95 06/09/21 44.2 45.9 Province of Buenos Aires BUENOS 6 1/2 02/15/23 46.2 47.7 Province of Buenos Aires BUENOS 4 05/15/35 36.1 38.7 Province of Buenos Aires BUENOS 9 5/8 04/18/28 46.5 50.6 Banco Macro BMAAR 6 3/4 11/04/26 82.8 85.2 Pampa Energia GALIAR 8 1/4 07/19/26 92.5 93.5 YPF YPFDAR 8 1/2 07/28/25 80 81.7 YPF YPFDAR 8 3/4 04/04/24 89 90.9 YPF YPFDAR 6.95 07/21/27 70.2 74.7 YPF YPFDAR 7 12/15/47 64.5 67 YPF YPFDAR 8 1/2 06/27/29 73.1 78 * Indicative price for positions with institutional size only. For smaller sizes please call desk