VEN steigen von Woche zu Woche

 

Venezuela Reuters reported last week that Eni SpA in Italy and Repsol SA in Spain might start exporting Venezuelan oil to Europe as soon as next month to compensate for Russian crude, restarting oil-for-debt swaps that were stopped two years ago when Washington tightened up sanctions on Venezuela. Despite not inviting Juan Guaido to the Summit of the Americas, a gathering of leaders from North, South, and Central America and the Caribbean that he is convening in Los Angeles, President Joe Biden reaffirmed US support for the Venezuelan opposition leader during a phone call on Wednesday. On his way to Los Angeles, Biden called Guaido from Air Force One. Biden emphasised the United States' "recognition of and support for the 2015 democratically elected National Assembly and Guaido as the interim president of Venezuela," according to a statement released by the White House after the call. He also expressed support for "Venezuelan-led negotiations as the best path toward a peaceful restoration of democratic institutions, free and fair elections."  Last but not least, Turkish President Recep Tayyip Erdogan claimed during a meeting with Venezuelan counterpart Nicolas Maduro in Ankara that trade between the two countries will reach $1bn this year.  Last Tuesday, Maduro visited Turkey, one of the few countries that has maintained ties with Venezuela despite long-standing US sanctions. Despite Washington's harsh sanctions on Caracas, Venezuelan imports of US food and agricultural items are on the rise, with the private sector driving expanded trade between the two erstwhile partners. President Nicolas Maduro also visited Iran, the Venezuelan President met his Iranian counterpart Ebrahim Raisi on Saturday at the Saadabad Palace in Tehran. Iran and Venezuela signed a 20-year “cooperation road map” as the two oil-rich countries reeling under US sanctions pledged to boost bilateral ties.

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 8.75 9.75 Venezuela VENZ 6 12/09/20 8.75 9.75 Venezuela VENZ 12 3/4 08/23/22 9.25 10.25 Venezuela VENZ 9 05/07/23 8.75 9.75 Venezuela VENZ 8 1/4 10/13/24 8.75 9.75 Venezuela VENZ 7.65 04/21/25 8.75 9.75 Venezuela VENZ 11 3/4 10/21/26 9.25 10.25 Venezuela VENZ 9 1/4 05/07/28 8.75 9.75 Venezuela VENZ 11.95 08/05/31 9.25 10.25 Venezuela VENZ 9 3/8 01/13/34 8.75 9.75 Venezuela VENZ 7 03/31/38 8.75 9.75 Venezuela ICSID Claims Call desk for Prices PDVSA PDVSA 8 1/2 10/27/20 20 25 PDVSA PDVSA 9 11/17/21 5.75 6.75 PDVSA PDVSA 12 3/4 02/17/22 5.75 6.75 PDVSA PDVSA 6 10/28/22 3.5 4.5 PDVSA PDVSA 6 05/16/24 5.75 6.75 PDVSA PDVSA 6 11/15/26 5.75 6.75 PDVSA PDVSA 5 3/8 04/12/27 5.75 6.75 PDVSA PDVSA 9 3/4 05/17/35 5.75 6.75 PDVSA PDVSA 5 1/2 04/12/37 5.75 6.75 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 and the IMF achieved an agreement on the first review of the country's $44bn supplementary funding deal, with the lender stating that Argentina met all quantitative criteria in the first quarter. Officials from the International Monetary Financing (IMF) have completed their examination of the extended fund facility agreement, which was signed in March. The deal must be approved by the IMF's Executive Board, which is anticipated to meet soon, according to a statement released late Wednesday by the Fund. Argentina would have access to around $4bn after the assessment is concluded.

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/2 07/09/30 26.3 27.1 Argentina ARGENT 1 07/09/29 26.6 28.6 Argentina ARGENT 1 1/8 07/09/35 24.6 25.4 Argentina ARGENT 2 1/2 07/09/41 29.8 30.3 Argentina ARGENT 2 01/09/38 31.9 32.6 Argentina ARGENT 1 1/8 07/09/46 25.2 25.9 Province of Buenos Aires BUENOS 3.9 09/01/37 36 38.5 Province of Buenos Aires BUENOS 2.85 09/01/37 33.1 36 Province of Buenos Aires BUENOS 3 1/2 09/01/37 32.3 34.4 Province of Buenos Aires BUENOS 3 09/01/37 28 33.5 Province of Buenos Aires BUENOS 2 09/01/37 25 27.5 Province of Buenos Aires BUENOS 2 1/2 09/01/37 29.5 34 YPF YPFDAR 8 1/2 07/28/25 77.2 78.7 YPF YPFDAR 8 3/4 04/04/24 88.2 90.2 YPF YPFDAR 6.95 07/21/27 61.9 69.2 YPF YPFDAR 7 12/15/47 56.8 58.9 YPF YPFDAR 8 1/2 06/27/29 68 70.9 Banco Macro BMAAR 6.643 11/04/26 83.7 85.7 * Indicative price for positions with institutional size only. For smaller sizes please call desk

Cuba

Type / ISIN Indicative price (%)* Claims against Republic of Cuba and Banco Nacional de Cuba 1 3 * Indicative price for positions with institutional size only. For smaller sizes please call desk

Ecuador

Credit Type / ISIN Indicative price (%)* Ecuador ECUA 1 07/31/35 59.8 65 Ecuador ECUA 0 07/31/30 52.2 52.8 Ecuador ECUA 0 1/2 07/31/40 49.6 52.8 * Indicative price for positions with institutional size only. For smaller sizes please call desk

El Salvador While the issuance of a $1bn bitcoin bond is delayed, President Nayib Bukele will face payments of $800m next January. Frank Muci, an economist at the London School of Public Policy published an article on the crypto news portal Coindesk.com, in which he makes an analysis on the maturity of the $800m  sovereign bond that matures in January 2023 and notes that there is a probability of implicit default of 48%. El Salvador's economic growth is low and even the World Bank has been lowering growth projections for the country from 4%, then to 2.9% and now forecast 2.7%.

Credit Type / ISIN Indicative price (%)* El Salvador ELSALV 7 3/4 01/24/23 71.1 76.9 El Salvador ELSALV 7.1246 01/20/50 35.7 39.4 El Salvador ELSALV 5 7/8 01/30/25 41.3 45.6 El Salvador ELSALV 6 3/8 01/18/27 37.5 43.5 El Salvador ELSALV 9 1/2 07/15/52 37 44.3 El Salvador ELSALV 8 5/8 02/28/29 36.6 42.5 El Salvador ELSALV 8 1/4 04/10/32 38.4 44.1 * Indicative price for positions with institutional size only. For smaller sizes please call desk

Suriname