Also last week, the New York Southern District Court ruled that state oil company PDVSA must repay US company Dresser-Rand Co. $166m for a defaulted loan. However PDVSA can appeal the decision in the second circuit. The company owned by Siemens AG and dedicated to designing and manufacturing equipment to extract oil and natural gas lent PDVSA $119.6m in January 2017 at an annual interest of 6.5%; the Venezuelan company made only its first two payments. Shortly after that, Dresser-Rand filed a lawsuit to collect the corresponding amount plus interest in a breach of contract

 

Venezuela Last week, Reuters reported that Venezuelan President Nicolas Maduro plans to replace Oil Minister Tareck El Aissami - a key ruling party official who also serves Venezuela's OPEC representative and board member of the state oil company - because of health issues. Four of the sources told Reuters that Maduro may appoint his ally Asdrubal Chavez, a cousin of the late Venezuelan President Hugo Chavez who is state-run Petroleos de Venezuela's (PDVSA) current president, as oil minister, at least temporarily. Also last week, the New York Southern District Court ruled that state oil company PDVSA must repay US company Dresser-Rand Co. $166m for a defaulted loan. However PDVSA can appeal the decision in the second circuit. The company owned by Siemens AG and dedicated to designing and manufacturing equipment to extract oil and natural gas lent PDVSA $119.6m in January 2017 at an annual interest of 6.5%; the Venezuelan company made only its first two payments. Shortly after that, Dresser-Rand filed a lawsuit to collect the corresponding amount plus interest in a breach of contract. According to people familiar with the matter quoted by Bloomberg last week, state oil company PDVSA has managed to double its crude production this year, reaching 908tbd during the first two weeks of December. To achieve this production increase, PDVSA has delivered contracts to little-known local companies with the promise of scrap payments or, in some cases, backpacks full of foreign currency, given Venezuela's limitations in the American financial system due to sanctions.

 

Credit Type / ISIN Indicative price (%)* Venezuela VENZ 13 5/8 08/15/18 8 9 Venezuela VENZ 9 ¼ 09/15/27 8 9 Venezuela VENZ 7 3/4 10/13/19 8 9 Venezuela VENZ 6 12/09/20 8 9 Venezuela VENZ 12 3/4 08/23/22 8 9 Venezuela VENZ 9 05/07/23 8 9 Venezuela VENZ 8 1/4 10/13/24 8 9 Venezuela VENZ 7.65 04/21/25 8 9 Venezuela VENZ 11 3/4 10/21/26 8 9 Venezuela VENZ 9 1/4 05/07/28 8 9 Venezuela VENZ 11.95 08/05/31 8 9 Venezuela VENZ 9 3/8 01/13/34 8 9 Venezuela VENZ 7 03/31/38 8 9 Venezuela ICSID Claims Call desk for Prices PDVSA PDVSA 8 1/2 10/27/20 24 29.5 PDVSA PDVSA 9 11/17/21 4 4.5 PDVSA PDVSA 12 3/4 02/17/22 4 4.5 PDVSA PDVSA 6 10/28/22 3.5 4.5 PDVSA PDVSA 6 05/16/24 4 4.5 PDVSA PDVSA 6 11/15/26 4 4.5 PDVSA PDVSA 5 3/8 04/12/27 4 4.5 PDVSA PDVSA 9 3/4 05/17/35 4 4.5 PDVSA PDVSA 5 1/2 04/12/37 4 4.5 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 International Monetary Fund and Argentina are both "fully committed" to working towards a new program, the lender said on Friday, adding more talks are needed after recent meetings between officials from the two sides in Washington. Argentina is racing to agree a new deal with the IMF to help push back some $45bn in repayments it cannot make after years of debt and currency crises. A team had recently met with fund staff and "advanced technical work" on the deal.

 

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/2 07/09/30 33.1 36.3 Argentina ARGENT 1 07/09/29 36.4 36.9 Argentina ARGENT 1 1/8 07/09/35 30.4 32.1 Argentina ARGENT 2 1/2 07/09/41 35.1 35.7 Argentina ARGENT 2 01/09/38 37 37.7 Argentina ARGENT 1 1/8 07/09/46 30.3 36.3 Province of Buenos Aires BUENOS 3.9 09/01/37 40.8 44.3 Province of Buenos Aires BUENOS 2.85 09/01/37 37.7 42.9 Province of Buenos Aires BUENOS 3 1/2 09/01/37 34 37 Province of Buenos Aires BUENOS 3 09/01/37 30.4 38.9 Province of Buenos Aires BUENOS 2 09/01/37 27.5 33.5 Province of Buenos Aires BUENOS 2 1/2 09/01/37 30.7 36.4 YPF YPFDAR 8 1/2 07/28/25 73.3 76.8 YPF YPFDAR 8 3/4 04/04/24 84 88.1 YPF YPFDAR 6.95 07/21/27 65.5 67.7 YPF YPFDAR 7 12/15/47 58.7 63.5 YPF YPFDAR 8 1/2 06/27/29 70.7 75.3 Banco Macro BMAAR 6 3/4 11/04/26 83.7 86.7 * Indicative price for positions with institutional size only. For smaller sizes please call d