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WEEKLY NEWSLETTER 15- 19th August 2022 * This material does not constitute "investment research" as defined by the rules of the Financial Conduct Authority. This material is not intended for Retail Clients * Details and listings for these and other assets are available on the IlliquidX Platform on www.illiquidx.com

Sovereigns

Venezuela

Venezuela and Colombia have already assigned their two new ambassadors for each country.  In the case of Venezuela, the ambassador will be Felix Plasencia, former foreign minister, and for Colombia the chosen person is Armando Benedetti, a former senator.   President of the National Assembly places conditions on the return of the Venezuelan jet that was held in Argentina  President of the National Assembly Jorge Rodriguez stated that Venezuela will "not budge" in negotiations unless the Iranian-Venezuelan airliner arrested in Argentina on suspicion of having ties to international terrorism is brought back to its soil. This happens just after two high-ranking opposition politicians assured that talks between the government and the opposition that were taking place in Mexico at the time and were being mediated by Norway, will resume.  There are also local sources claiming that a Norwegian delegation has arrived in Caracas to follow up with the negotiations. "If the government doesn’t go to Mexico, Norway comes to Caracas. We salute the Norwegian team arriving in Caracas. (You have) Our respect for your commitment and effort. Being here will give you a more real version about the possibilities of a political agreement that the government doesn’t want," Benigno Alarcon, the source, tweeted.

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 PDVSA Promissory Notes Call desk for Prices PDVSA Trade Receivables Call desk for Prices

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Argentina

Argentina swaps local bonds for $14.9 billion, reducing its debt burden.  A week into the tenure of new Economy Minister Sergio Massa, Argentina's Ministry of the Economy swapped 85% of its local debt due through October for new securities, eliminating its short-term peso debt load. A new "dual" bond with maturities in June, July, and September 2023 was exchanged for around 2 trillion pesos ($14.9 billion) in inflation-linked Treasury notes and other assets, according to a statement from the economics ministry. Investors who purchase the new notes will get the higher of either an inflation-linked yield or a dollar-linked rate when they mature. If the official peso devalues, the latter pays out.

Credit Type / ISIN BID ASK Argentina ARGENT 0 1/2 07/09/30 22.9 24.5 Argentina ARGENT 1 07/09/29 23 24.3 Argentina ARGENT 1 1/8 07/09/35 20.7 22 Argentina ARGENT 2 1/2 07/09/41 26.5 26.7 Argentina ARGENT 2 01/09/38 27.3 29.3 Argentina ARGENT 1 1/8 07/09/46 21.6 23.2 Province of Buenos Aires BUENOS 3.9 09/01/37 28 35.1 Province of Buenos Aires BUENOS 2.85 09/01/37 32.6 33 Province of Buenos Aires BUENOS 3 1/2 09/01/37 25 29 Province of Buenos Aires BUENOS 3 09/01/37 21 30.4 Province of Buenos Aires BUENOS 2 09/01/37 22 24.6 Province of Buenos Aires BUENOS 2 1/2 09/01/37 24.4 30.6 YPF YPFDAR 8 1/2 07/28/25 67.8 73.3 YPF YPFDAR 8 3/4 04/04/24 79.2 85.2 YPF YPFDAR 6.95 07/21/27 58.8 63.8 YPF YPFDAR 7 12/15/47 50.5 56.6 YPF YPFDAR 8 1/2 06/27/29 60.5 64.2

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El Salvador

El Salvador will look for more international loans to finance bond buybacks. According to Alejandro Zelaya, El Salvador's finance minister, the country would look for new loans to help finance a buyback of bonds that are due in 2023 and 2025. According to him, President Nayib Bukele's administration is negotiating a new $600 million loan with the Central American Bank for Economic Integration. He noted that it is also attempting to access the Development Bank of Latin America's $1.6 billion yearly quota.   IIF declares that only locals will take part in El Salvador's buyback According to the Institute of International Finance, only local pension funds and a small number of other local players would participate in El Salvador's bond buyback scheme under duress.   El Salvador Bond Repurchase Shows Financial Stability, Says Minister The country's desire to repurchase bonds due in 2023 and 2025 "shows our capacity to pay and reveals there was an ill-intentioned, or inaccurate, analysis," according to Finance Minister Alejandro Zelaya, speaking to media in San Salvador on Thursday.

Credit Type / ISIN BID ASK El Salvador ELSALV 7 3/4 01/24/23 88 95.3 El Salvador ELSALV 7.1246 01/20/50 27.6 32.4 El Salvador ELSALV 5 7/8 01/30/25 40 49 El Salvador ELSALV 6 3/8 01/18/27 37.8 37.8 El Salvador ELSALV 9 1/2 07/15/52 29.6 35.2 El Salvador ELSALV 8 5/8 02/28/29 31.8 38.8 El Salvador ELSALV 8 1/4 04/10/32 31.7 38.9

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Sri Lanka

Hopes on IMF deal drives a rally in Sri Lanka’s stock market. Sri Lankan equities are making a comeback amid signs of political stability. The island country’s $10 billion stock market has rebounded 23% over the past month, making it the world’s best-performing bourse over the period and paring its loss this year to 29%. Shares have been rallying since last month as the nation looks to implement political and economic reforms, looking for an agreement with the IMF soon. Foreign buyers are returning on the view that valuations and the local currency are cheap, according to analysts.

Credit Type / ISIN BID ASK Sri Lanka SRILAN 7.55 03/28/30 31.4 34.1 Sri Lanka SRILAN 5 3/4 04/18/23 31.5 34.4 Sri Lanka SRILAN 7.85 03/14/29 31.4 34.4 Sri Lanka SRILAN 6.2 05/11/27 31.4 34.9 Sri Lanka SRILAN 6.85 03/14/24 31.5 35.1

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Zambia