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Venezuela Queen's Letters to Maduro Used in Gold Fight in Venezuela: To support its claim to more than $1 billion in gold kept at the Bank of England, the government of Venezuela has presented documents that were ostensibly signed by Queen Elizabeth II. According to Calixto Ortega, the chairman of Venezuela's central bank, the diplomatic communication is proof that the UK accepted Nicolas Maduro as the country's president. In a rare interview last Thursday, Ortega argued that this undercuts a decision made by a judge in London last month that denied Maduro's government possession of the bullion. The fact that the UK granted visas to Maduro's representatives further supports the government's position, Ortega continued. Venezuela Wants to Increase Natural Gas Exports to Colombia: According to Juan Ricardo Ortega, CEO of Grupo Energa Bogotá S.A., one of Colombia's largest power firms, Petroleum of Venezuela (PDVSA), is considering reopening a 139-mile pipeline that connects Venezuelan gas reserves to the northeast of Colombia to export natural gas. Maduro adopts the stock market in Venezuela's latest nod to normalcy: In his bid to improve the economy, President Nicolas Maduro plans to sell parts of the government's stakes in state-owned enterprises through the stock exchange. In the coming weeks, the government will offer a 5% stake in the lender Banco de Venezuela and fixed-dial telephone and internet service provider CANTV. More such listings could follow as the government seeks to raise cash. Banco de Venezuela achieved greater increases in deposit and credit portfolios in the semester: The Bank of Venezuela (BDV) consolidates its leadership in the Venezuelan banking system by obtaining the highest growth in public collections and credit portfolio in the sector, at the end of the first half of 2022, according to the specialized consulting firm Aristimuño Herrera & Asociados.   Credit Type / ISIN BID ASK 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 9 Venezuela VENZ 6 12/09/20 8 9 Venezuela VENZ 12 3/4 08/23/22 8.25 9.25 Venezuela VENZ 9 05/07/23 8 9 Venezuela VENZ 8 1/4 10/13/24 8 9 Venezuela VENZ 7.65 04/21/25 8 9 Venezuela VENZ 11 3/4 10/21/26 8.25 9.25 Venezuela VENZ 9 1/4 05/07/28 8 9 Venezuela VENZ 11.95 08/05/31 8.25 9.25 Venezuela VENZ 9 3/8 01/13/34 8.25 9.25 Venezuela VENZ 7 03/31/38 8 9 Venezuela ICSID Claims Call desk for Prices   PDVSA PDVSA 8 1/2 10/27/20 20 25 PDVSA PDVSA 9 11/17/21 4.25 5.25 PDVSA PDVSA 12 3/4 02/17/22 4.25 5.25 PDVSA PDVSA 6 10/28/22 2.5 3.5 PDVSA PDVSA 6 05/16/24 4 5 PDVSA PDVSA 6 11/15/26 4 5 PDVSA PDVSA 5 3/8 04/12/27 4 5 PDVSA PDVSA 9 3/4 05/17/35 4 5 PDVSA PDVSA 5 1/2 04/12/37 4 5  * Indicative price for positions with institutional size only. For smaller sizes please call desk

Argentina Argentina Is Out of Money to Prevent Devaluation: The central bank is frantically attempting to prevent a peso devaluation that would simply result in another round of price increases as inflation is rushing toward triple digits and, according to experts, only a policy error or two away from laying the scene for hyperinflation. The bank sends out its traders every day to acquire and sell unneeded dollars and pesos. They spend, on average, $60 million per day. This has maintained the peso's value in the main foreign currency market mostly constant for the time being.   Credit Type / ISIN BID ASK Argentina ARGENT 0 1/2 07/09/30 23.2 24.6 Argentina ARGENT 1 07/09/29 23.2 24.8 Argentina ARGENT 1 1/8 07/09/35 19.9 22.6 Argentina ARGENT 2 01/09/38 26.6 27.1 Argentina ARGENT 1 1/8 07/09/46 27 29 Province of Buenos Aires BUENOS 3.9 09/01/37 26.8 34.6 Province of Buenos Aires BUENOS 2.85 09/01/37 30 32.6 Province of Buenos Aires BUENOS 3 1/2 09/01/37 23.8 29.8 Province of Buenos Aires BUENOS 3 09/01/37 20 30.5 Province of Buenos Aires BUENOS 2 09/01/37 22 26.2 Province of Buenos Aires BUENOS 2 1/2 09/01/37 24.3 30.1 YPF YPFDAR 8 1/2 07/28/25 63.8 67.5 YPF YPFDAR 8 3/4 04/04/24 74.1 77.1 YPF YPFDAR 6.95 07/21/27 56.1 59.5 YPF YPFDAR 7 12/15/47 47.7 53.7 YPF YPFDAR 8 1/2 06/27/29 57.2 61.3 * Indicative price for positions with institutional size only. For smaller sizes please call desk

Sri Lanka Ranil Wickremesinghe works in a plan for Sri Lanka to be a developed country on his 100th independence anniversary: Sri Lanka's new president and his team are preparing a 25-year roadmap to turn the country into a competitive export economy. Sri Lanka announced in April that it is suspending repayment of foreign loans. Its total debt is $51 billion, of which it must pay $28 billion by 2027. Wickremesinghe said the government's aim is to create a surplus in the primary budget by 2025 and to bring down public debt , currently a 140% GDP , down to less than 100% by 2032, and being a fully developed country by 2048. Sri Lanka to restart bailout talks with IMF: Discussions for a four-year program that could provide a $ 3 billion would resume in September. The government with its financial and legal advisers  Lazard and Clifford Chance are working to finalise a plan to restructure  overseas debt, including $12 billion owed to bondholders.    Credit Type / ISIN BID ASK Sri Lanka SRILAN 7.55 03/28/30 31.4 34.4 Sri Lanka SRILAN 5 3/4 04/18/23 31.7 35 Sri Lanka SRILAN 7.85 03/14/29 31.9 34.8 Sri Lanka SRILAN 6.2 05/11/27 31.6 35.1 Sri Lanka SRILAN 6.85 03/14/24 31.5 34.6 * Indicative price for positions with institutional size only. For smaller sizes please call desk

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