Venezuela A tanker chartered to transport 650,000 barrels of diluted crude supplied by Venezuelan oil company PDVSA to Italy's Eni arrived in Venezuelan waters on Friday, Reuters reported. The shipment will be the first to be taken by the Italian firm after receiving in May an authorization from the United States government to recover debt by receiving Venezuelan oil, which had been suspended by the administration of then-President Donald Trump in 2020. The U.S. State Department issued a similar authorization to Spanish oil company Repsol, but PDVSA's programs did not yet show cargo assigned to the company. European firms are expected to be the first to resume debt-for-oil swaps that until 2020 became the only mechanism authorized by Washington to a handful of energy companies to export Venezuelan crude under the sanction’s regime imposed on PDVSA since 2019, seeking the removal of President Nicolás Maduro from power.

 

Venezuela A tanker chartered to transport 650,000 barrels of diluted crude supplied by Venezuelan oil company PDVSA to Italy's Eni arrived in Venezuelan waters on Friday, Reuters reported. The shipment will be the first to be taken by the Italian firm after receiving in May an authorization from the United States government to recover debt by receiving Venezuelan oil, which had been suspended by the administration of then-President Donald Trump in 2020. The U.S. State Department issued a similar authorization to Spanish oil company Repsol, but PDVSA's programs did not yet show cargo assigned to the company. European firms are expected to be the first to resume debt-for-oil swaps that until 2020 became the only mechanism authorized by Washington to a handful of energy companies to export Venezuelan crude under the sanction’s regime imposed on PDVSA since 2019, seeking the removal of President Nicolás Maduro from power. According to local media sources, Venezuelan President Nicolás Maduro met with Qatari Emir Tamim bin Hamad al Thani in Doha last Wednesday to explore collaboration in "the domains of energy, economics, investment, agriculture, and tourism." On the same note, Maduro said a new direct flying route will be open between Venezuela and Qatar. Also last Friday Bloomberg reported that Venezuela production could rise between 1.25m and 1.28m b/d from around 730k b/d in May even without drilling, according to a report by UBS citing David Voght, managing director at IPD Latin America LLC. This assumes that the country can import more consensates. Last but not least, for the first time in seven years, energy executives are convening in the heart of Venezuela's oil area for a conference, indicating newfound interest for the damaged sector. More than a dozen Venezuelan oil service businesses, as well as officials from a few US corporations, are gathering in the western city of Maracaibo in the state of Zulia, where hopes are high that sanctions would be eased, boosting investment in the industry.

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 inflation-linked debt extended its losses last Friday on investor concerns that the growing burden would prove unsustainable for the government, perfil and BA Times reported. Boncer bonds maturing in March 2023 fell 8.1 cents per peso, while inflation-linked securities maturing on September 20 rose 0.3 cents per peso following the historic drop recorded the previous day. The moves stem from investors' concern that the government will have to restructure its obligations as inflation-linked debt, estimated to account for nearly 80% of debt in pesos, becomes a growing burden. Economists estimate that inflation will close the year at 70%.

Credit Type / ISIN Indicative price (%)* Argentina ARGENT 0 1/2 07/09/30 24.4 25 Argentina ARGENT 1 07/09/29 24.5 25.5 Argentina ARGENT 1 1/8 07/09/35 23.4 23.9 Argentina ARGENT 2 1/2 07/09/41 27.7 28.1 Argentina ARGENT 2 01/09/38 29.7 29.7 Argentina ARGENT 1 1/8 07/09/46 23.5 24.4 Province of Buenos Aires BUENOS 3.9 09/01/37 31 38.3 Province of Buenos Aires BUENOS 2.85 09/01/37 32 36 Province of Buenos Aires BUENOS 3 1/2 09/01/37 27.8 34.4 Province of Buenos Aires BUENOS 3 09/01/37 25.5 32.9 Province of Buenos Aires BUENOS 2 09/01/37 23.4 28.5 Province of Buenos Aires BUENOS 2 1/2 09/01/37 29.5 33.8 YPF YPFDAR 8 1/2 07/28/25 72.1 72.6 YPF YPFDAR 8 3/4 04/04/24 84.7 87.6 YPF YPFDAR 6.95 07/21/27 62.3 65.8 YPF YPFDAR 7 12/15/47 52.4 56.7 YPF YPFDAR 8 1/2 06/27/29 66.4 69 Banco Macro BMAAR 6.643 11/04/26 82.1 84.2 * 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