Venezuela Venezuela’s opposition is set to announce it will break a three-year boycott of elections and register candidates for November’s vote, marking progress on a key issue in political negotiations with President Nicolas Maduro’s government. The country’s main opposition parties are expected to jointly announce they will run in the nationwide vote for mayors and governors scheduled for Nov. 21, Bloomberg reported last week.

 

Venezuela Argentina Cuba Lebanon LATAM Airlines Sudan Moby Steinhoff

 

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Venezuela Venezuela’s opposition is set to announce it will break a three-year boycott of elections and register candidates for November’s vote, marking progress on a key issue in political negotiations with President Nicolas Maduro’s government. The country’s main opposition parties are expected to jointly announce they will run in the nationwide vote for mayors and governors scheduled for Nov. 21, Bloomberg reported last week. Also last week, Reuters reported that Venezuela's socialist government sees the swap it made last week of shares in a Dominican oil refinery for defaulted bonds as a possible model for future deals, as it seeks to mend ties with creditors. PDVSA sold its 49% stake in the Refidomsa refinery to a Dominican company in exchange for bonds. That company then sold the shares to the Dominican government, which already owned 51% of the company, for €74m  ($88m). read more The company exchanged Venezuelan bonds with a face value of $360.9m as part of the deal, Dominican Finance Minister Jochi Vicente said in a statement on Wednesday. That means the bonds were valued at around 24 cents on the dollar for the purposes of the deal.

 

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 The Province of Buenos Aires announced that it has obtained the consents required to exchange or substitute 97.66% of the aggregate principal amount outstanding of all series of bonds outstanding under each of the 2006 Indenture (the “2006 Indenture Eligible Bonds”) and the 2015 Indenture (the “2015 Indenture Eligible Bonds” and, together with the 2006 Indenture Eligible Bonds, the “Eligible Bonds”) pursuant to the terms of the invitation.  Also last week, Argentina’s Province of La Rioja has reached an agreement in principle with holders of its USD 300m 9.75% bonds due 2025 on restructuring terms for the notes.  The Province of La Rioja announced today that it has reached an agreement in principle with an ad hoc group of bondholders represented by VR Advisory Services Ltd and Sandglass Capital Advisors LLC and with GoldenTree Asset Management LP. Maturity would be extended to 2028, coupon would gradually increase to 8.5% and principal would be repaid with 9 semi-annual payments starting on February 2024.

 

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/2 07/09/30 38.6 39.4 Argentina ARGENT 8.28 12/31/33 52 54 Argentina ARGENT 3 3/4 12/31/38 35.5 36.5 Argentina ARGENT 1 07/09/29 40.7 41.2 Argentina ARGENT 3.38 12/31/38 35.5 36.5 Argentina ARGENT 1 1/8 07/09/35 34.7 35.4 Argentina ARGENT 2 01/09/38 40.9 41.5 Argentina ARGENT 1 1/8 07/09/46 34.9 36 Province of Buenos Aires BUENOS 7 7/8 06/15/27 48.4 50.5 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 46.1 52 Province of Buenos Aires BUENOS 4 05/15/35 37 44 Province of Buenos Aires BUENOS 9 5/8 04/18/28 47.7 52.4 YPF YPFDAR 8 1/2 07/28/25 85.1 87.5 YPF YPFDAR 8 3/4 04/04/24 91 93.8 YPF YPFDAR 6.95 07/21/27 74.4 76.9 YPF YPFDAR 7 12/15/47 67.9 69.4 YPF YPFDAR 8 1/2 06/27/29 74.8 80.8 Banco Macro BMAAR 6 3/4 11/04/26 88.4 91.7 * Indicative price for positions with institutional size only. For smaller sizes please call desk

 

 

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