Last week, during an address on sate television, President Maduro stated his conditions to negotiate with the president of the National Assembly elected in 2015, Juan Guaidó. Maduro said he wants “Immediate lifting of all sanctions and unilateral coercive measures; full recognition of the National Assembly and the powers of the country and the return of bank accounts to Petróleos de Venezuela and the Central Bank of Venezuela

 

Venezuela Last week, during an address on sate television, President Maduro stated his conditions to negotiate with the president of the National Assembly elected in 2015, Juan Guaidó. Maduro said he wants “Immediate lifting of all sanctions and unilateral coercive measures; full recognition of the National Assembly and the powers of the country and the return of bank accounts to Petróleos de Venezuela and the Central Bank of Venezuela ". Maduro's declarations come after the senior director of the NSC for the Western Hemisphere Juan González stated in a press conference that his government would pressure the Maduro government until free elections are held in Venezuela, even if the negotiation process fails. Juan Guaidó, who had held a press conference last week declared that negotiations between Chavista leaders and opponents should begin “as soon as possible”. Also, former Venezuelan presidential candidate Henrique Capriles said on Wednesday that he had not yet decided whether to participate in this year's regional elections in the country due to lack of conditions. He said “the appointment of the CNE (National Electoral Council) is not enough. Many other things are missing, ”, the AFP reported. The regional elections were called by a new CNE guideline appointed by the congress, with three of the five rectors linked to Maduro and two to the opposition.

 

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, the Ambito Financiero reported  that a new mission from the International Monetary Fund (IMF) would visit Buenos Aires, formally beginning a new stage of negotiations between Argentina and the international financial organization. For the $2.4bn owed to the Paris Club, postponing payments will be an alteration of the unwritten rules. For this reason, the first agreement would be a temporary deferral of payments. And only with the serious progress of an agreement with the Fund it would be possible to talk about an agreement and negotiate the terms, the newspaper reported. President Fernandez said he has a constructive dialogue with the Fund to restructure debt for $44bn with the Fund and get the Paris Club to reschedule the $2.4bn debt that is due at the end of May. The Ambito Financiero reported that most of the EU countries that are part of the Paris Club have agreed to postpone the payment and Argentina would only need the support of Japan to secure the postponement. Last week, the Province of Buenos Aires has extended the deadline for creditors to respond to its debt restructuring proposal to 4 June. The Province said it remains engaged with certain of its bondholders that have entered into non-disclosure agreements with the Province, including the members of its ad-hoc committee. Also last week,  IMPSA signed the final contracts for an ARS 1.817bn ($20m) capital increase to be subscribed by Argentina's federal government and the government of the province of Mendoza, according to a regulatory filing. The federal government, through the FONDEP fund, will disburse ARS 1.363bn, representing 75% of the total capital increase. Mendoza will disburse the remaining ARS 454.3m. As a result of the capital increase, Argentina will own 63.7% of the capital stock of IMPSA, and Mendoza 21.24%.

 

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/8 07/09/30 36.8 37.4 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 38.6 39.3 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 32.8 33.6 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 37.1 37.4 Argentina ARGENT 0 1/8 01/09/38 39.1 39.8 Argentina ARGENT 0 1/8 07/09/46 33.1 33.9 Argentina ARGENT 4 5/8 01/11/23 42 51.3 Provincia de Buenos Aires BUENOS 7 7/8 06/15/27 41.6 43.1 Provincia de Buenos Aires BUENOS 9.95 06/09/21 43.4 44.9 Provincia de Buenos Aires BUENOS 6 1/2 02/15/23 39.4 43.9 Provincia de Buenos Aires BUENOS 4 05/15/35 38.1 43 Provincia de Buenos Aires BUENOS 9 5/8 04/18/28 40.8 45.1 Banco Macro BMAAR 6 3/4 11/04/26 80.3 82 Pampa Energia PAMPAR 9 1/8 04/15/29 86.2 89 YPF YPFDAR 8 1/2 07/28/25 73.8 76.6 YPF YPFDAR 8 3/4 04/04/24 84.3 86.4 YPF YPFDAR 6.95 07/21/27 64.9 68 YPF YPFDAR 7 12/15/47 59.3 62.1 YPF YPFDAR 8 1/2 06/27/29 68 70.4 *For any other bonds please call desk for prices. * Indicative price for positions with institutional size only. For smaller sizes please call desk