Dienstag, 7. Dezember 2021

Venezuela Last week, Julio Borges, who serves as foreign minister for Venezuela's U.S.-backed interim government, said on Sunday he would leave his post, further weakening the opposition just weeks after it was routed in regional elections, Reuters reported.

 


Venezuela

Last week, Julio Borges, who serves as foreign minister for Venezuela's U.S.-backed interim government, said on Sunday he would leave his post, further weakening the opposition just weeks after it was routed in regional elections, Reuters reported. The interim government is not serving its purpose, Borges, whose differences with Guaido are well-known, said in an online news conference. "The (interim) government makes sense as an instrument to get out of the dictatorship. But at this moment, in our way of seeing it, the interim government has been damaged," Borges said. He is a member of the First Justice party, one of the four major opposition parties and part of Guaido's coalition in the national assembly.

Also last week, Venezuelan President Nicolas Maduro has dismissed as “spies” members of a European Union electoral observation mission sent to observe last week’s regional polls. Maduro, whose governing Socialist Party largely swept the gubernatorial and mayoral elections, said the EU observers sought to “stain the electoral process and they couldn’t”. “A delegation of spies – they weren’t observers – wandered freely around the country, spying on the country’s social, economic and political life,” Maduro said during a broadcast on state television, adding that the elections were “impeccable, beautiful”. The EU observers deployed to the country for the first time in 15 years as part of several concessions from Maduro’s government to encourage the participation of opposition candidates, who have boycotted all elections in the country since 2018 amid allegations of fraud and intimidation. European Union electoral monitors are being asked to leave Venezuela days before their scheduled departure, a person with direct knowledge of the situation told Bloomberg.  According to the working schedule agreed with government officials, the team had planned to be in the country until December 13th. Analysts and staff members of the EU election observation mission (EUEOM) were denied visa extensions by the Ministry of Foreign Affairs and later received an order to leave the country from the foreign ministry and the National Electoral Council. 

Also with regards to the the regional elections, last week, the Supreme Court of Justice (TSJ) ruled that Superlano, member of the opposition, would not be able to serve as governor because he is unable to hold public office, despite having won the regional election with 37.6% of the votes against the brother of former President Hugo Chávez. 

Last but not least, the Guaidó-appointed Ad Hoc PDVSA board of directors hired Klein/Johnson Group, a lobbying firm established in Washington, DC, with the aim of "securing protections for PDV Holding (PDVH) and its subsidiaries." A foreign agent registration filed on November 30 establishes that the company will help PDVH "engage with and advocate before the federal government on issues relating to challenges brought by creditors of the Maduro regime that threaten PDVH's continued ownership of its subsidiaries and the durability of PDVH's relationship with its shareholders." The scope of the service includes lobbying for key members of the executive and legislative branches, informational and educational meetings, and monitoring of legislative and regulatory developments. Before this, PDVH registered on November 22 a contract with Willkie Farr & Gallagher LLP to represent PDVH in "discussions with Congress and the Executive Branch of the US government relating to issues affecting the ownership of the CITGO entities." The Office of Foreign Assets Control's General License 5H that protects CITGO from its creditors expires on January 21, 2022.

 

Credit

Type / ISIN

Indicative price (%)*

Venezuela

VENZ 13 5/8 08/15/18

9.5

10.5

Venezuela

VENZ 9 ¼ 09/15/27

  9.5

10.5

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

9.5

10.5

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

9.5

10.5

Venezuela

VENZ 9 1/4 05/07/28

9.5

10.5

Venezuela

VENZ 11.95 08/05/31

9.5

10.5

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

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PDVSA

PDVSA 8 1/2 10/27/20

25

28

PDVSA

PDVSA 9 11/17/21

5

6

PDVSA

PDVSA 12 3/4 02/17/22

5

6

PDVSA

PDVSA 6 10/28/22

3

 4

PDVSA

PDVSA 6 05/16/24

5

6

PDVSA

PDVSA 6 11/15/26

5

6

PDVSA

PDVSA 5 3/8 04/12/27

5

6

PDVSA

PDVSA 9 3/4 05/17/35

5

6

PDVSA

PDVSA 5 1/2 04/12/37

5

6

PDVSA

Promissory Notes

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PDVSA

Trade Receivables

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* Indicative price for positions with institutional size only. For smaller sizes please call desk

 

 

Argentina

President President Alberto Fernández has called on the International Monetary Fund to carry out a critical "evaluation" of the record $57bn standby loan it granted Argentina in 2018, the BA Times reported. Firing off another pointed barb at Mauricio Macri, his predecessor in office, and his nation’s creditors Fernández pointed the finger firmly at the IMF for Argentina’s ongoing economic woes this week, saying the Fund should “do everything possible to prevent something like what happened with the programme signed by the previo government, which did so much damage to Argentina, from happening again." "We ask the IMF, before we sign a new agreement, to make its assessment of the failed stand-by programme, which disbursed $44bn that was mised to pay unstainable debt and finance capital outflows,” he alleged. In 2018 the IMF granted the government led by Macri, then seeking re-election, a $57bn loan, whose outstanding disbursements were rejected by Fernández after he took office December 2019. A technical mission team with officials from Argentina's Economy Ministry and Central Bank traveled to Washington on Saturday to meet with IMF representatives and continue negotiations. The current agreement obliges the repayment of maturities in 2022 and 2023 worth more than $19bn each year, with another $5bn due in 2024.

 

Credit

Type / ISIN

Indicative price (%)*

Argentina

ARGENT 0 1/2 07/09/30

31.6

32.8

Argentina

ARGENT 1 07/09/29

33.6

35.2

Argentina

ARGENT 1 1/8 07/09/35

28.5

29.8

Argentina

ARGENT 2 1/2 07/09/41

31.5

31.7

Argentina

ARGENT 2 01/09/38

33.5

34.5

Argentina

ARGENT 1 1/8 07/09/46

28.6

30

Buenos Aires

BUENOS 3.9 09/01/37

37.3

40.6

Buenos Aires

BUENOS 2.85 09/01/37

35.8

41.9

Buenos Aires

BUENOS 3 1/2 09/01/37

34.4

37.5

Buenos Aires

BUENOS 3 09/01/37

30.2

34.2

Buenos Aires

BUENOS 2 09/01/37

27.5

29.4

Buenos Aires

BUENOS 2 1/2 09/01/37

30

36

YPF

YPFDAR 8 1/2 07/28/25

74.4

76.9

YPF

YPFDAR 8 3/4 04/04/24

84.1

85.4

YPF

YPFDAR 6.95 07/21/27

65.8

68.3

YPF

YPFDAR 7 12/15/47

60.3

65.8

YPF

YPFDAR 8 1/2 06/27/29

71.1

75.3

Banco Macro

BMAAR 6 3/4 11/04/26

83.5

86.4

* Indicative price for positions with institutional size only. For smaller sizes please call des

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