Maduro was quick to back the Russian leader in the early stages of the invasion last month, pledging “strong support” for the Kremlin in a call between the two leaders. The renewed stance with Russia of last week comes just after US diplomats and representatives from other countries met to discuss measures for stabilising the Latin American country. The Venezuelan leader told the media in a press conference that his government had “examined the powerful military cooperation and ratified the path of powerful military cooperation between Russia and Venezuela”. He continued this was “for the defence of peace, of sovereignty, of the defence of territorial integrity”. Maduro added Venezuela “will increase all plans for preparation, training and cooperation with a world military power like Russia”.

 

Venezuela Maduro was quick to back the Russian leader in the early stages of the invasion last month, pledging “strong support” for the Kremlin in a call between the two leaders. The renewed stance with Russia of last week comes just after US diplomats and representatives from other countries met to discuss measures for stabilising the Latin American country. The Venezuelan leader told the media in a press conference that his government had “examined the powerful military cooperation and ratified the path of powerful military cooperation between Russia and Venezuela”. He continued this was “for the defence of peace, of sovereignty, of the defence of territorial integrity”. Maduro added Venezuela “will increase all plans for preparation, training and cooperation with a world military power like Russia”. Also last week, World Bank's International Center for the Settlement of Investment Disputes (ICSID) ordered Venezuela to pay around USD 1.6bn as compensation for the expropriation of the assets of the Agroisleña agricultural supply corporation assets and other agrochemical companies, properties of the Spanish conglomerate Grupo Agroinsumos Ibero-Americanos. The ISCSID issued this award on March 23, in which it decided to rule in favor of the Spanish conglomerate and condemned Venezuela to said payment as compensation for its breach of the agreement for Reciprocal Promotion and Protection of Investments between Spain and Venezuela. A lawmaker of the National Assembly (AN) for the ruling PSUV party and member of Nicolás Maduro's delegation in the negotiations in Mexico, Francisco Torrealba, said last week that he considers it "better" that the talks with the opposition take place in Venezuela. Torrealba assured that "Mexico has not been reactivated as the venue" and added that "the Norwegian format is precisely which it is proposed to be reformatted to open the doors to the social sectors and to the parties that have not been able to participate." Although the format and location of the negotiations have not been officially defined so far, some moderate opposition parties have expressed their willingness to participate.

 

Credit Type / ISIN Indicative price (%)* Venezuela VENZ 13 5/8 08/15/18 8.5 9.5 Venezuela VENZ 9 ¼ 09/15/27 8.5 9.5 Venezuela VENZ 7 3/4 10/13/19 8.5 9.5 Venezuela VENZ 6 12/09/20 8.5 9.5 Venezuela VENZ 12 3/4 08/23/22 8.5 9.5 Venezuela VENZ 9 05/07/23 8.5 9.5 Venezuela VENZ 8 1/4 10/13/24 8.5 9.5 Venezuela VENZ 7.65 04/21/25 8.5 9.5 Venezuela VENZ 11 3/4 10/21/26 8.5 9.5 Venezuela VENZ 9 1/4 05/07/28 8.5 9.5 Venezuela VENZ 11.95 08/05/31 8.5 9.5 Venezuela VENZ 9 3/8 01/13/34 8.5 9.5 Venezuela VENZ 7 03/31/38 8.5 9.5 Venezuela ICSID Claims Call desk for Prices PDVSA PDVSA 8 1/2 10/27/20 16 19 PDVSA PDVSA 9 11/17/21 6.5 7.5 PDVSA PDVSA 12 3/4 02/17/22 6.5 7.5 PDVSA PDVSA 6 10/28/22 5.0 6.0 PDVSA PDVSA 6 05/16/24 6.5 7.5 PDVSA PDVSA 6 11/15/26 6.5 7.5 PDVSA PDVSA 5 3/8 04/12/27 6.5 7.5 PDVSA PDVSA 9 3/4 05/17/35 6.5 7.5 PDVSA PDVSA 5 1/2 04/12/37 6.5 7.5 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 has approved Argentina’s $45bn agreement, the final step to cement a deal that’s already facing economic and political challenges. The lender’s Executive Board approved the programme at a meeting on Friday, according to people with knowledge of the matter who asked not to be named because the decision hasn’t yet been made public. The IMF’s press office didn’t immediately respond to a request for comment. The agreement – Argentina’s 22nd with the IMF since 1958 – is the latest chapter in the country’s tumultuous relationship with the Washington-based lender after two years of slow negotiations. The programme, known as an Extended Fund Facility, gives the government its first medium-term economic roadmap since President Alberto Fernández took office in December 2019.  The deal provides Argentina with breathing room by providing funds that will strengthen reserves and allow it to push out payments owed from a 2018 IMF programme that failed to stabilise the economy. As part of the deal, Fernández’s government has committed to reducing the government’s primary fiscal deficit, weaning off money printing from the Central Bank and rebuilding reserves, among several objectives. The programme is light on major reforms. Once the staff-level deal was first announced earlier this month, Argentina moved quickly to send it to Congress, where Fernández had required approval for the agreement to take effect. Lawmakers ultimately approved the IMF’s financing with bipartisan support, but not the economic policies underpinning the deal.  Following the board’s support of the deal, Argentina will receive an initial $9.8bn that will allow the country to make a $2.8bn payment to the IMF on March 31 amid dwindling net reserves. The rest of the disbursements are conditioned to the country passing quarterly reviews of the programme by IMF staff who assess if the government is reaching its stated goals.  Officials from the IMF and Argentina already stress that the economic fallout of Russia’s invasion of Ukraine creates major uncertainties around the programme, which may require policies to be “recalibrated” if necessary.

 

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/2 07/09/30 31.8 32.7 Argentina ARGENT 1 07/09/29 32.6 33 Argentina ARGENT 1 1/8 07/09/35 28.2 30.5 Argentina ARGENT 2 1/2 07/09/41 33.3 33.9 Argentina ARGENT 2 01/09/38 35.5 36.2 Argentina ARGENT 1 1/8 07/09/46 28.4 31.1 Province of Buenos Aires BUENOS 3.9 09/01/37 40 43.6 Province of Buenos Aires BUENOS 2.85 09/01/37 33.9 35 Province of Buenos Aires BUENOS 3 1/2 09/01/37 34.8 39.9 Province of Buenos Aires BUENOS 3 09/01/37 29.8 32.3 Province of Buenos Aires BUENOS 2 09/01/37 30.4 31.4 Province of Buenos Aires BUENOS 2 1/2 09/01/37 30.2 35.2 YPF YPFDAR 8 1/2 07/28/25 82 82.8 YPF YPFDAR 8 3/4 04/04/24 94.4 94.7 YPF YPFDAR 6.95 07/21/27 70.4 72.4 YPF YPFDAR 7 12/15/47 62.4 63.6 YPF YPFDAR 8 1/2 06/27/29 74 77.3 Banco Macro BMAAR 6.643 11/04/26 82.8 84.9 * Indicative price for positions with institutional size only. For smaller sizes please call desk