Last week, Venezuela, CITGO, a Venezuelan oil company situated in Houston, has been approved for auction by a US judge. Judge Leonard Stark of the US Delaware District Court approved a special master to run a marketing and sales process for a "contingent auction" of CITGO shares last Wednesday, according to documents obtained by Law360. The winning bidder will not be able to transfer the company's shares until the successful bidder receives a licence from the US Treasury Department's Office of Foreign Assets Control (OFAC), which is now blocking any attempt to sell or auction the $8 billion Venezuelan asset. In 2019, Washington seized CITGO and handed it over to US-backed "Interim President" Juan Guaidó.

 

Venezuela Last week, Venezuela, CITGO, a Venezuelan oil company situated in Houston, has been approved for auction by a US judge. Judge Leonard Stark of the US Delaware District Court approved a special master to run a marketing and sales process for a "contingent auction" of CITGO shares last Wednesday, according to documents obtained by Law360. The winning bidder will not be able to transfer the company's shares until the successful bidder receives a licence from the US Treasury Department's Office of Foreign Assets Control (OFAC), which is now blocking any attempt to sell or auction the $8 billion Venezuelan asset. In 2019, Washington seized CITGO and handed it over to US-backed "Interim President" Juan Guaidó. Officials from the United States and the Nicolás Maduro regime discussed the possibility of easing oil sanctions on Venezuela, but made little progress toward a deal in their first high-level bilateral talks in years, five sources familiar with the matter said. Washington seeks to separate Russia from one of its main allies, Lapatilla reported.  A US delegation led by Juan González, the top White House adviser for Latin America, and Ambassador James Story held talks at the Miraflores palace with Nicolás Maduro and his vice president, Delcy Rodríguez, the sources said. Both sides used Saturday's meeting in Caracas to present what one of the sources described as "maximalist" demands, reflecting long-standing tensions between the Western Hemisphere's leading power and one of its greatest ideological enemies. A US delegation led by Juan González, the top White House adviser for Latin America, and Ambassador James Story held talks at the Miraflores palace with Nicolás Maduro and his vice president, Delcy Rodríguez, the sources said. US officials saw the meeting as an opportunity to assess whether Venezuela, one of Russia's closest Latin American allies, is prepared to distance itself from President Vladimir Putin over his invasion of Ukraine , a Washington source said. Washington also wants to identify alternative oil supplies to fill the gap if it seeks to boycott Moscow's energy industry . Venezuela could boost crude exports if Washington eases sanctions. The White House, the US State Department and the regime's Ministry of Information declined to comment. The US willingness to re-engage after years of avoiding such contact appeared to be a boost for Maduro. In the talks, Washington sought guarantees of free presidential elections, sweeping reforms of Venezuela's oil industry to facilitate production and exports by foreign companies, and public condemnation of the regime's invasion of Ukraine , which Maduro has championed, three people said. familiar with the subject. As a concession, US officials were willing to consider temporarily allowing Venezuela to use the SWIFT system , which facilitates financial transactions between banks around the world, to transfer money to other accounts, one of the sources said. Maduro sought the full lifting of sanctions barring Venezuela's oil exports, the removal of sanctions against him and other Venezuelan officials, and the return of PDVSA's US subsidiary Citgo Petroleum to state control , the sources said.

 

Credit Type / ISIN Indicative price (%)* Venezuela VENZ 13 5/8 08/15/18 6.00 6.75 Venezuela VENZ 9 ¼ 09/15/27 6.00 6.75 Venezuela VENZ 7 3/4 10/13/19 6.00 6.75 Venezuela VENZ 6 12/09/20 6.00 6.75 Venezuela VENZ 12 3/4 08/23/22 6.00 6.75 Venezuela VENZ 9 05/07/23 6.00 6.75 Venezuela VENZ 8 1/4 10/13/24 6.00 6.75 Venezuela VENZ 7.65 04/21/25 6.00 6.75 Venezuela VENZ 11 3/4 10/21/26 6.00 6.75 Venezuela VENZ 9 1/4 05/07/28 6.00 6.75 Venezuela VENZ 11.95 08/05/31 6.00 6.75 Venezuela VENZ 9 3/8 01/13/34 6.00 6.75 Venezuela VENZ 7 03/31/38 6.00 6.75 Venezuela ICSID Claims Call desk for Prices PDVSA PDVSA 8 1/2 10/27/20 15 17.5 PDVSA PDVSA 9 11/17/21 4.00 4.75 PDVSA PDVSA 12 3/4 02/17/22 4.00 4.75 PDVSA PDVSA 6 10/28/22 2.0 3.5 PDVSA PDVSA 6 05/16/24 4.00 4.75 PDVSA PDVSA 6 11/15/26 4.00 4.75 PDVSA PDVSA 5 3/8 04/12/27 4.00 4.75 PDVSA PDVSA 9 3/4 05/17/35 4.00 4.75 PDVSA PDVSA 5 1/2 04/12/37 4.00 4.75 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 published on Friday the detailed plan for reducing its fiscal deficit and central bank financing as part of its pending $45bn deal with the International Monetary Fund. The agreement with IMF staff, announced Thursday, has now been submitted to Argentina’s Congress and will go before a vote sometime in the coming weeks. The country will receive seven billion ($9.8bn) of the IMF’s special drawing rights upon approval by lawmakers and the executive board of the Washington-based organisation, according to the document. The memorandum, which comes after two years of negotiations between President Alberto Fernández’s economic team and IMF officials, provides the fine-print detail on economic policy and projections that lawmakers have been waiting for before deciding on their vote. Russia’s invasion of Ukraine is increasing uncertainty around the plan’s baseline assumptions and may force policies to be “recalibrated” as necessary, it said. Argentina is seeking to close its 22nd programme with the IMF since 1958 before a key payment for about $2.8bn comes due in late March. The agreement is expected to face tough criticism from radical-left members of the ruling coalition backed by vice-president Cristina Fernández de Kirchner and would only head to the IMF’s board for final approval if Congress passes it.

 

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/2 07/09/30 29.6 30.3 Argentina ARGENT 1 07/09/29 31.1 32.2 Argentina ARGENT 1 1/8 07/09/35 26.9 28.3 Argentina ARGENT 2 1/2 07/09/41 31.7 32.3 Argentina ARGENT 2 01/09/38 34.3 35.2 Argentina ARGENT 1 1/8 07/09/46 25 28.2 Province of Buenos Aires BUENOS 3.9 09/01/37 37.3 43.3 Province of Buenos Aires BUENOS 2.85 09/01/37 34 36.9 Province of Buenos Aires BUENOS 3 1/2 09/01/37 33.6 40.8 Province of Buenos Aires BUENOS 3 09/01/37 29.9 33.5 Province of Buenos Aires BUENOS 2 09/01/37 27.6 30.4 Province of Buenos Aires BUENOS 2 1/2 09/01/37 32 37.2 YPF YPFDAR 8 1/2 07/28/25 79.9 80.9 YPF YPFDAR 8 3/4 04/04/24 93.2 95.9 YPF YPFDAR 6.95 07/21/27 67.6 69.1 YPF YPFDAR 7 12/15/47 61.9 63.2 YPF YPFDAR 8 1/2 06/27/29 73 74 Banco Macro BMAAR 6.643 11/04/26 83 83.7 * Indicative price for positions with institutional size only. For smaller sizes please call desk

 

 

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