ven

 

WEEKLY NEWSLETTER 5th - 9th July 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 Cuba Suriname LATAM Airlines Sudan Samarco Lebanon   Details and listings for these and other assets are available on the IlliquidX Platform on www.illiquidx.com   LATAM   Venezuela PDVSA will begin in the second half of the year the reactivation of oil wells that were not active since 2019. PDVSA will incorporate drill rigs to 17 out of the 97 oil wells that are found in the Orinoco Belt. From the 17 drill rigs that will be incorporated, 14 will belong to Corporacion Panthers with an individual price tag of $1.5m per rig. The outstanding rigs will belong to PDVSA. The whole objective of the campaign is to increase production to an average of 1 million b/d by the end of 2021 in contrast with the estimations of 540 thousand b/d that are being currently produced. With respect to other news, the Democratic Unity Roundtable, the opposition coalition, has been granted permission to contest regional elections in November after a three-year ban, the country's National Electoral Council has confirmed. In 2015, the coalition won 112 of 167 seats on the National Assembly, giving President Nicolás Maduro's regime its biggest-ever defeat. At the same time, Comptroller General Elvis Amoroso announced that public officials would need to submit their declaration of assets in order to avoid being disqualified from holding office for at least one year. Hence, the officials who do not file declarations would also not be permitted to run as candidates in the next regional and municipal elections. Although public officials are required to submit a sworn declaration of assets to the Comptroller's General Office in Venezuela, members of 2015 National Assembly refused to do so since they do not recognize the legitimacy of the Maduro-appointed Comptroller General. Finally, following the latest news Venezuelan Central Bank is preparing to change monetary scale of the bolivar by removing six zeros in order to simply daily economic and commercial transactions. It is expected that the new currency denomination will take effect in August.    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 ad hoc group of bondholders of the Province of Buenos Aires filed an amended complaint, adding bond trustee US National Bank as a plaintiff. The filing has been done in a response to a letter from PBA to US judge in early June alleging that the bondholders’ complaint should be dismissed because the funds that filed the claim are not the record holders of the notes and therefore "lack standing to bring any of their claims pursuant to the contractual terms” of the bonds. According to the documents, the bonds are registered in the name of USB Nominees (UK) as nominee of Elavon Financial Services DAC, a common depository for Euroclear and Clearstream. Although USB Nominees has refused to provide noteholder plaintiffs with authorization to pursue, “USB Nominees, as Holder, has no economic interest in the amounts due under the Global Notes, and receives no financial benefit from pursuing an action if those amounts are not paid.” On the other hand, US National Bank, as trustee of the notes, “has all rights, powers, and duties of a trustee under the Indenture, including rights to pursue all remedies to collect amounts due on the Notes and to enforce any covenant or agreement in the Indenture, in its own name and as trustee of an express trust” according to the amended complaint.   Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/8 07/09/30 35.84 37.65 Argentina ARGENT 7 1/8 06/28/17 40.78 44.64 Argentina ARGENT 1 07/09/29 37.81 39.12 Argentina ARGENT 7 1/2 04/22/26 45.53 49 Argentina ARGENT 5 5/8 01/26/22 42.22 48.56 Argentina ARGENT 0 1/8 07/09/35 31.84 32.83 Argentina ARGENT 6 7/8 01/26/27 42.13 45.92 Argentina ARGENT 6 7/8 01/11/48 42.15 47.15 Argentina ARGENT 0 1/8 01/09/38 38 38.34 Argentina ARGENT 0 1/8 07/09/46 31.86 33.09 Argentina ARGENT 4 5/8 01/11/23 42 51.32 Province of Buenos Aires BUENOS 7 7/8 06/15/27 43.46 46.51 Province of Buenos Aires BUENOS 9.95 06/09/21 44.25 45.95 Province of Buenos Aires BUENOS 6 1/2 02/15/23 41.47 46.2 Province of Buenos Aires BUENOS 4 05/15/35 34.6 45.18 Province of Buenos Aires BUENOS 9 5/8 04/18/28 45.93 50 YPF YPFDAR 8 1/2 07/28/25 78.79 81.42 YPF YPFDAR 8 3/4 04/04/24 88.87 90.74 YPF YPFDAR 6.95 07/21/27 70.48 72.71 YPF YPFDAR 7 12/15/47 64.58 67.12 YPF YPFDAR 8 1/2 06/27/29 71.97 75.59 Banco Macro BMAAR 6 3/4 11/04/26 82.68 85.26 * Indicative price for positions with institutional size only. For smaller sizes please call desk