VEN/PDVSA steigen langsam

 

Venezuela Last week, Reuters reported that a Russian oil company used to provide a workaround to U.S. oil trading sanctions on Venezuela is scrabbling to avoid another set of sanctions, documents show, this time from Europe and the United States over Russia's invasion of Ukraine.  Roszarubezhneft was incorporated in 2020 and soon afterwards acquired the Venezuelan holdings of Russian state-run oil giant Rosneft as Washington imposed sanctions on two of Rosneft's units for trading Venezuelan oil. The five joint ventures Roszarubezhneft acquired produce some 125,000 barrels per day (bpd) of crude in Venezuela and employ some 200 Russian and local workers, according to sources and analysts.  Roszarubezhneft is attempting to transfer ownership of its Venezuelan assets from its European units to another company in Russia to avoid "the blocking of the activities or the confiscation of assets of companies of the group," said one of several company documents reviewed by Reuters. Transferring the ownership of the assets was necessary to "preserve control and the management of assets and stable functioning of its business units," according to a March 16 letter sent by a Roszarubezhneft executive to its Venezuelan subsidiaries. Also last week, according to an internal document seen by Reuters, state oil company PDVSA is in talks to buy and lease tankers amid a possible export expansion, a sign the country expects a possible relief from US oil sanctions. People with knowledge of the matter quoted by the news agency indicated that executives from PDVSA's maritime subdivision, PDV Marina, and the company's Department of Commerce and Supply, recently met with several companies offering tankers that would be willing to take Venezuelan crude or refined products as payment for the ships. "PDVSA's tanker fleet is too short for any increases in oil production for domestic refining or exports," a source said. In a proposal seen by Reuters, one of the companies offered five Aframax tankers, each capable of carrying up to 700,000 oil barrels, under a lease contract with an option to buy them.

Credit Type / ISIN Indicative price (%)* Ecobat B Shares Call desk for Prices Venezuela VENZ 9 ¼ 09/15/27 9 10 Venezuela VENZ 7 3/4 10/13/19 8.5 9.5 Venezuela VENZ 6 12/09/20 9 10 Venezuela VENZ 12 3/4 08/23/22 9 10 Venezuela VENZ 9 05/07/23 9 10 Venezuela VENZ 8 1/4 10/13/24 9 10 Venezuela VENZ 7.65 04/21/25 9 10 Venezuela VENZ 11 3/4 10/21/26 9 10 Venezuela VENZ 9 1/4 05/07/28 9 10 Venezuela VENZ 11.95 08/05/31 9 10 Venezuela VENZ 9 3/8 01/13/34 9 10 Venezuela VENZ 7 03/31/38 9 10 Venezuela ICSID Claims Call desk for Prices PDVSA PDVSA 8 1/2 10/27/20 16.5 20 PDVSA PDVSA 9 11/17/21 6.75 7.5 PDVSA PDVSA 12 3/4 02/17/22 6.75 7.5 PDVSA PDVSA 6 10/28/22 3.5 4.5 PDVSA PDVSA 6 05/16/24 6.75 7.5 PDVSA PDVSA 6 11/15/26 6.75 7.5 PDVSA PDVSA 5 3/8 04/12/27 6.75 7.5 PDVSA PDVSA 9 3/4 05/17/35 6.75 7.5 PDVSA PDVSA 5 1/2 04/12/37 6.75 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 admitted this week that its new financing programme for Argentina faces “high risks” due to the country’s economic and social situation, with added complications due to the global fall-out of Russia’s invasion of Ukraine. Last week, the multilateral lender agreed a new financing programme with President Alberto Fernández's government to restructure Argentina’s $44.5bn debt with the IMF. Fund officials are also said to be concerned by the ruling coalition's internal tensions. The new deal's approval in Congress was marked by the resignation of Máximo Kirchner as head of the ruling bloc in the Chamber of Deputies, the absence of Vice-President Cristina Fernández de Kirchner for much of the debate in the Senate, and the number of negative votes from hard-line Kirchnerite lawmakers, the BA Times reported.

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/2 07/09/30 32.6 34.1 Argentina ARGENT 1 07/09/29 33.4 34.7 Argentina ARGENT 1 1/8 07/09/35 30.2 32.2 Argentina ARGENT 2 1/2 07/09/41 34.7 35.8 Argentina ARGENT 2 01/09/38 37.4 38.1 Argentina ARGENT 1 1/8 07/09/46 30.3 32.9 Province of Buenos Aires BUENOS 3.9 09/01/37 41.5 45.6 Province of Buenos Aires BUENOS 2.85 09/01/37 34.9 37.4 Province of Buenos Aires BUENOS 3 1/2 09/01/37 35.1 39 Province of Buenos Aires BUENOS 3 09/01/37 29.9 33.7 Province of Buenos Aires BUENOS 2 09/01/37 29.5 30.4 Province of Buenos Aires BUENOS 2 1/2 09/01/37 30.5 34.9 YPF YPFDAR 8 1/2 07/28/25 84.4 85.3 YPF YPFDAR 8 3/4 04/04/24 94.6 96.6 YPF YPFDAR 6.95 07/21/27 74.8 76.5 YPF YPFDAR 7 12/15/47 63.9 65.6 YPF YPFDAR 8 1/2 06/27/29 77.8 81.7 Banco Macro BMAAR 6.643 11/04/26 82.6 83.3 * Indicative price for positions with institutional size only. For smaller sizes please call desk