Officials from the Venezuelan government and opposition are expected to meet next week in Mexico City to kick off negotiations aimed at ending a political stand-off ahead of regional elections in November. National Assembly leader Jorge Rodríguez and Miranda state Governor Héctor Rodríguez will negotiate on behalf of President Nicolás Maduro while the opposition will send former legislator and mayor of Baruta Gerardo Blyde along with a representative from each of the main parties, BA Times reported. Norway, which mediated negotiations in 2019

 

Venezuela Officials from the Venezuelan government and opposition are expected to meet next week in Mexico City to kick off negotiations aimed at ending a political stand-off ahead of regional elections in November. National Assembly leader Jorge Rodríguez and Miranda state Governor Héctor Rodríguez will negotiate on behalf of President Nicolás Maduro while the opposition will send former legislator and mayor of Baruta Gerardo Blyde along with a representative from each of the main parties, BA Times reported. Norway, which mediated negotiations in 2019, would oversee the talks along with delegations from Russia and France, which will help negotiate for Maduro and the opposition led by Juan Guaidó. Guaidó, who leads the opposition’s parallel National Assembly, has said that the negotiations should focus on an electoral schedule that includes future presidential and legislative votes and not just for mayors and governors this year. On the other hand, Maduro is looking for a sanctions relief.  Also this week, the special master monitoring the sale of shares of PDV Holding in the Crystallex case will file a sale process proposal. The parties may file objections no later than 25th August. As a reminder, the Canadian miner is looking to enforce an ICSID award in Delaware. Other creditors are in the line, which could lead PDVSA to lose CITGO according to Bloomberg. The US refiner is the most valuable asset of PDVSA.

 

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’s government made a $334m interest payment to the International Monetary Fund (IMF) on Monday, the Economy Ministry has confirmed, BA Times reported. This is the third made by Argentina this year, following payments in February and May that totalled around $600m. Another $400m in interest is due in November. Argentina is currently in talks with the IMF to restructure its record $57bn credit-line granted in 2018 into a new financing programme. The country has received around $44bn to date and President Alberto Fernández has refused the remaining tranches. In theory, the government will begin to pay down capital this year, with maturities of $1.9bn due in September and again in December. The Fernández administration may chose to pay down that debt with the $4.3bn it is due to receive from the Fund later this year, via special drawing rights (SDRs).  On July 20, 2021, the Province of Buenos Aires and certain institutional investors that hold Eligible Bonds, including GoldenTree Asset Management LP, the largest holder of Eligible Bonds, reached an agreement. The Province has published an amended and restated invitation memorandum dated August 6, 2021. The Province has extended the expiration of the Invitation from 5:00 p.m., New York City time, on August 13, 2021, until 5:00 p.m., Central European time, on August 27, 2021.

 

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/2 07/09/30 36.3 37.1 Argentina ARGENT 8.28 12/31/33 52 54 Argentina ARGENT 7 1/8 06/28/17 40.7 44.6 Argentina ARGENT 3 3/4 12/31/38 35.5 36.5 Argentina ARGENT 1 07/09/29 38.2 39 Argentina ARGENT 3.38 12/31/38 35.5 36.5 Argentina ARGENT 7 1/2 04/22/26 45.5 49 Argentina ARGENT 5 5/8 01/26/22 42.2 48.5 Argentina ARGENT 1 1/8 07/09/35 32.6 33.2 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 2 1/2 07/09/41 37.7 37.9 Argentina ARGENT 2 01/09/38 39.4 40 Argentina ARGENT 1 1/8 07/09/46 33.3 34.1 Argentina ARGENT 4 5/8 01/11/23 42 51.3 Province of Buenos Aires BUENOS 7 7/8 06/15/27 48.3 50.9 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 49 Province of Buenos Aires BUENOS 4 05/15/35 37.7 40.5 Province of Buenos Aires BUENOS 9 5/8 04/18/28 47.6 53.4 YPF YPFDAR 8 1/2 07/28/25 78.2 79.7 YPF YPFDAR 8 3/4 04/04/24 88 90.6 YPF YPFDAR 6.95 07/21/27 69.2 72.4 YPF YPFDAR 7 12/15/47 64.4 66.8 YPF YPFDAR 8 1/2 06/27/29 71.6 75.5 Banco Macro BMAAR 6 3/4 11/04/26 83.6 85 * Indicative price for positions with institutional size only. For smaller sizes please call des