Last week, High Representative for Foreign Affairs and Security of the European Union (EU) Josep Borrell accused Guaido and the national coordinator of the Popular Will party (Voluntad Popular, VP), Leopoldo López, of attempting to "blow up" any agreement to send an observation mission by the EU for the next regional elections on November 21. Borrell said that "those who are against the mission want to blow it up.

 

Venezuela Last week, High Representative for Foreign Affairs and Security of the European Union (EU) Josep Borrell accused Guaido and the national coordinator of the Popular Will party (Voluntad Popular, VP), Leopoldo López, of attempting to "blow up" any agreement to send an observation mission by the EU for the next regional elections on November 21. Borrell said that "those who are against the mission want to blow it up. The political parties of López and Guaido and their representatives in the European Parliament, who do not want the mission to be carried out even though their parties are running for election," he assured. Also last week, the Euobserver reported that Borrell ignored the advice of his own staff by deciding to send an election-monitoring mission in Venezuela for the regional elections. In a July 2021 report, his staff said the EU mission would have an adverse impact on the reputation and credibility of EU observers and indirectly legitimise Venezuela’s electoral process. However Borrell replied that the EU electoral observation mission would not necessarily legitimize the elections in the South American country.   Last but not least, Venezuela's government said Saturday it would halt negotiations with its opponents in retaliation for the extradition to the U.S. of a close ally of President Nicolás Maduro who prosecutors believe could be the most significant witness ever about corruption in the South American country. Jorge Rodríguez, who has been heading the government's delegation, said his team wouldn't travel to Mexico City for the next scheduled round of negotiations. The announcement capped a tumultuous day that saw businessman Alex Saab placed on a U.S.-bound plane in Cape Verde after a 16-month fight by Maduro and his allies, including Russia, who consider the Colombian-born businessman a Venezuelan diplomat. Norway's Foreign Ministry stepped forward on Sunday to ensure that his country remains convinced that negotiations are the only solution for Venezuela and urged the government to come back to the dialogue as soon as possible. Meanwhile, the United States demanded on Sunday the "immediate release" of the six former directors of the Venezuelan company Citgo who were transferred to prison on Saturday in Venezuela, allegedly in retaliation for the extradition of Alex Saab, alleged front man of Nicolás Maduro.

 

Credit Type / ISIN Indicative price (%)* Venezuela VENZ 13 5/8 08/15/18 10.5 11 Venezuela VENZ 9 ¼ 09/15/27 10.5 11 Venezuela VENZ 7 3/4 10/13/19 10 11 Venezuela VENZ 6 12/09/20 10 11 Venezuela VENZ 12 3/4 08/23/22 10.5 11 Venezuela VENZ 9 05/07/23 10 11 Venezuela VENZ 8 1/4 10/13/24 10 11 Venezuela VENZ 7.65 04/21/25 10 11 Venezuela VENZ 11 3/4 10/21/26 10.5 11 Venezuela VENZ 9 1/4 05/07/28 10 11 Venezuela VENZ 11.95 08/05/31 10.5 11 Venezuela VENZ 9 3/8 01/13/34 10 11 Venezuela VENZ 7 03/31/38 10 11 Venezuela ICSID Claims Call desk for Prices PDVSA PDVSA 8 1/2 10/27/20 26 28 PDVSA PDVSA 9 11/17/21 6 6.5 PDVSA PDVSA 12 3/4 02/17/22 6 6.5 PDVSA PDVSA 6 10/28/22 3.0 4.5 PDVSA PDVSA 6 05/16/24 6 6.5 PDVSA PDVSA 6 11/15/26 6 6.5 PDVSA PDVSA 5 3/8 04/12/27 6 6.5 PDVSA PDVSA 9 3/4 05/17/35 6 6.5 PDVSA PDVSA 5 1/2 04/12/37 6 6.5 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 International Monetary Fund improved its 2021 growth forecast for Argentina on Tuesday, predicting that gross domestic product will rise 7.5 percent this year. Nevertheless, the projections remain below the government’s expectations, which foresee growth of eight percent this year and four percent the following year. The IMF’s predictions reflect that Argentina’s economy will be one of the slowest growing in the region in 2022.  The IMF and Argentina have also been negotiating for months toward a new Extended Fund Facility program to deal with the South American country's $45bn debt to the Fund.

 

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/2 07/09/30 36.1 36.6 Argentina ARGENT 1 07/09/29 38 38.8 Argentina ARGENT 1 1/8 07/09/35 32.1 32.9 Argentina ARGENT 2 1/2 07/09/41 36 36.2 Argentina ARGENT 2 01/09/38 38.1 38.5 Argentina ARGENT 1 1/8 07/09/46 32.8 33.5 Province of Buenos Aires BUENOS 3.9 09/01/37 45 46.1 Province of Buenos Aires BUENOS 2.85 09/01/37 41 42 Province of Buenos Aires BUENOS 3 1/2 09/01/37 39.7 41.3 Province of Buenos Aires BUENOS 3 09/01/37 35.5 38.2 Province of Buenos Aires BUENOS 2 09/01/37 30 33.3 YPF YPFDAR 8 1/2 07/28/25 82.1 83.9 YPF YPFDAR 8 3/4 04/04/24 89.6 92.4 YPF YPFDAR 6.95 07/21/27 72.7 74.2 YPF YPFDAR 7 12/15/47 65.3 67.9 YPF YPFDAR 8 1/2 06/27/29 77.1 81 Banco Macro BMAAR 6 3/4 11/04/26 85.2 87.9 * Indicative price for positions with institutional size only. For smaller sizes please call desk