Montag, 24. Oktober 2022

U.S. senators are skeptical of potential easing of Venezuela sanctions: Reuters Unnamed US senators said to Reuters last week that they doubted the US would relax its sanctions against Venezuela. The senators were prompted after American officials met with an opposition delegation headed by Gerardo Blyde to talk about sanctions and the potential restart of the Mexico talks. Blyde served as the opposition delegation's leader during negotiations between the opposition and the government that were mediated by Norway last year.

 

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WEEKLY NEWSLETTER

24 - 28th October 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

U.S. senators are skeptical of potential easing of Venezuela sanctions: Reuters

Unnamed US senators said to Reuters last week that they doubted the US would relax its sanctions against Venezuela. The senators were prompted after American officials met with an opposition delegation headed by Gerardo Blyde to talk about sanctions and the potential restart of the Mexico talks. Blyde served as the opposition delegation's leader during negotiations between the opposition and the government that were mediated by Norway last year.

The U.S. conditions Chevron’s license expansion to the resumption of Mexico talks

The American representatives made it clear during the discussion with the opposition leaders and Chevron that in order to extend the license of American oil major Chevron, the Venezuelan government must first consent to another round of talks in Mexico. Chevron requested an extension of its Venezuelan operating permit earlier this year to assume operational management over its four joint ventures with PDVSA.

Interim government assures bonds litigation will extend until 2023

Petróleos de Venezuela, S.A., or PDVSA's ad hoc administrative board and Juan Guaidó's presidency of the National Assembly, which was elected in 2015, both issued statements in response to the court of appeals' decision to ask a higher court to review the case in order to determine whether Venezuelan law must be taken into account when rendering a decision in the PDVSA20 bonds case. We predict that this certification process could last until the middle or end of 2023, thus the execution of the collateral over Citgo Holding's shares is kept on hold, according to a news release posted on the website of the interim presidency.

Venezuela opposition consider ditching Guaidó-led interim government: FinancialTimes

According to a senior member of the opposition alliance quoted by the Financial Times last Thursday, Venezuela's opposition parties are discussing a strategy to topple Juan Guaidó's U.S.-backed interim administration. The proposal received support from three of the Unitary Platform opposition alliance's four major parties and received enough votes to be approved. A Guaidó spokeswoman told the newspaper that the opposition groups did not have a unified stance about the continuation of the interim administration.

Issuer

Ticker

Bid

Ask

Republic of Venezuela

VENZ 13 5/8 08/15/18

8.0

9.0

Republic of Venezuela

VENZ 9 ¼ 09/15/27

8.0

9.0

Republic of Venezuela

VENZ 7 3/4 10/13/19

7.0

8.0

Republic of Venezuela

VENZ 6 12/09/20

7.0

8.0

Republic of Venezuela

VENZ 12 3/4 08/23/22

8.0

9.0

Republic of Venezuela

VENZ 9 05/07/23

7.0

8.0

Republic of Venezuela

VENZ 8 1/4 10/13/24

7.0

8.0

Republic of Venezuela

VENZ 7.65 04/21/25

7.0

8.0

Republic of Venezuela

VENZ 11 3/4 10/21/26

8.0

9.0

Republic of Venezuela

VENZ 9 1/4 05/07/28

7.0

8.0

Republic of Venezuela

VENZ 11.95 08/05/31

8.0

9.0

Republic of Venezuela

VENZ 9 3/8 01/13/34

8.0

9.0

Republic of Venezuela

VENZ 7 03/31/38

7.0

8.0

Republic of Venezuela

ICSID Claims

Call desk for Prices

Petróleos de Venezuela SA

PDVSA 8 1/2 10/27/20

14.0

18.0

Petróleos de Venezuela SA

PDVSA 9 11/17/21

3.0

4.0

Petróleos de Venezuela SA

PDVSA 12 3/4 02/17/22

3.0

4.0

Petróleos de Venezuela SA

PDVSA 6 10/28/22

1.0

2.0

Petróleos de Venezuela SA

PDVSA 6 05/16/24

2.0

3.0

Petróleos de Venezuela SA

PDVSA 6 11/15/26

2.0

3.0

Petróleos de Venezuela SA

PDVSA 5 3/8 04/12/27

2.0

3.0

Petróleos de Venezuela SA

PDVSA 9 3/4 05/17/35

2.0

3.0

Petróleos de Venezuela SA

PDVSA 5 1/2 04/12/37

2.0

3.0

* Indicative price for positions with institutional size only. For smaller sizes please call desk.

Argentina

Argentina’s economy grew in August despite political crisis

Even though a political crisis inside the ruling coalition created uncertainty and caused inflation to reach record highs, Argentina's economy grew in August. Contrary to analysts' predictions in a Bloomberg survey, economic activity rose 0.4% in August compared to July. The economy expanded by 6.4% from a year ago, according to government data released last Thursday.

Issuer

Ticker

Bid

Ask

REPUBLIC OF ARGENTINA

ARGENT 4 5/8 01/11/23

37.9

38.8

REPUBLIC OF ARGENTINA

ARGTES 16 10/17/23

53.7

54.7

REPUBLIC OF ARGENTINA

ARGENT 5 7/8 01/11/28

37.9

38.8

REPUBLIC OF ARGENTINA

ARGENT 1 07/09/29

19.6

20.5

REPUBLIC OF ARGENTINA

ARGENT 0 1/2 07/09/29

18.8

21.1

REPUBLIC OF ARGENTINA

ARGENT 0 1/2 07/09/30

20.0

21.2

REPUBLIC OF ARGENTINA

ARGENT 0 1/8 07/09/30

18.8

20.4

REPUBLIC OF ARGENTINA

ARGENT 8.28 12/31/33

37.9

38.8

REPUBLIC OF ARGENTINA

ARGENT 8.28 12/31/33

37.8

38.8

REPUBLIC OF ARGENTINA

ARGENT 0 7/8 07/09/35

17.1

18.7

REPUBLIC OF ARGENTINA

ARGENT 1 1/2 07/09/35

19.3

20.2

REPUBLIC OF ARGENTINA

ARGENT 3 7/8 01/09/38

24.6

25.7

REPUBLIC OF ARGENTINA

ARGENT 2 1/2 12/31/38

37.9

38.8

REPUBLIC OF ARGENTINA

ARGENT 3.38 12/31/38

27.7

30.0

REPUBLIC OF ARGENTINA

ARGENT 3 3/4 12/31/38

37.9

38.8

REPUBLIC OF ARGENTINA

ARGENT 2 1/2 12/31/38

44.4

45.1

REPUBLIC OF ARGENTINA

ARGENT 3 3/4 12/31/38

44.4

45.1

REPUBLIC OF ARGENTINA

ARGENT 3.38 12/31/38

25.4

29.5

REPUBLIC OF ARGENTINA

ARGENT 0.67 12/31/38

13.6

25.6

REPUBLIC OF ARGENTINA

ARGENT 2 1/2 12/31/38

44.4

45.1

REPUBLIC OF ARGENTINA

ARGENT 3 1/2 07/09/41

22.6

23.3

REPUBLIC OF ARGENTINA

ARGENT 2 3/4 07/09/41

20.5

22.0

REPUBLIC OF ARGENTINA

ARGENT 1 1/2 07/09/46

19.6

20.0

REPUBLIC OF ARGENTINA

ARGENT 0 7/8 07/09/46

17.2

18.5

REPUBLIC OF ARGENTINA

ARGENT 6 7/8 01/11/48

37.9

38.8

* Indicative price for positions with institutional size only. For smaller sizes please call desk 

Ethiopia

Ethiopia peace talks to be held on 24 October

The African Union-led peace talks to end a two-year conflict in Ethiopia's northern Tigray region will take place in South Africa on 24 October. International calls for a halt to escalating violence in northern Ethiopia have been mounting since a failed bid by the African Union earlier this month to bring the warring sides to the negotiating table.

Ethiopia to remove trade barriers

The Ambassador of Ethiopia, Jamal Beker Abdula, has apprised that around seven to ten agreements pertaining to trade promotion, political consultation, defence cooperation, aviation, technology transfer and others will be signed with the government of Pakistan within a month or two to help to connect the two countries and promote economic exchange. Despite political will on both sides, lack of information and lack of relationships have created a gap between Ethiopia and Pakistan. Henceforth, business communities in both countries will have to come forward so that trade and investment ties can be increased. Ethiopia has been importing a lot of items from India and China which can also be provided by Pakistan, particularly textiles and pharmaceutical products.

Issuer

Ticker

Bid

Ask

FEDERAL REP OF ETHIOPIA

ETHOPI 6 5/8 12/11/24

49.0

51.4

* Indicative price for positions with institutional size only. For smaller sizes please call desk. 

Lebanon

Israeli court gives Lebanon maritime deal a green light

Israel's Supreme Court on Sunday rejected petitions that would have held up a landmark U.S.-brokered deal setting a maritime border with Lebanon. Four groups, including an opposition lawmaker, had asked the court to force the government - which is looking to fast-track the deal ahead of a Nov. 1 election - to instead hold a full vote in parliament. The court's decision eliminates one of the last hurdles in Israel that could disrupt the deal. The agreement sets a border between Lebanese and Israeli waters for the first time and also establishes a mechanism for both countries to get royalties from Total Energies' exploration of an offshore gas field that straddles the boundary.

Issuer

Ticker

Bid

Ask

LEBANESE REPUBLIC

LEBAN 6 3/8 03/09/20

6.0

6.9

LEBANESE REPUBLIC

LEBAN 5.8 04/14/20

6.0

6.9

LEBANESE REPUBLIC

LEBAN 6.15 06/19/20

6.0

6.9

LEBANESE REPUBLIC

LEBAN 6 1/4 05/27/22

6.0

6.8

LEBANESE REPUBLIC

LEBAN 6.1 10/04/22

6.0

6.9

LEBANESE REPUBLIC

LEBAN 6 01/27/23

6.0

6.8

LEBANESE REPUBLIC

LEBAN 6.4 05/26/23

6.0

6.9

LEBANESE REPUBLIC

LEBAN 6.65 04/22/24

6.0

6.9

LEBANESE REPUBLIC

LEBAN 6 1/4 11/04/24

6.0

6.8

LEBANESE REPUBLIC

LEBAN 7 12/03/24

6.0

6.8

LEBANESE REPUBLIC

LEBAN 6.2 02/26/25

6.0

6.8

LEBANESE REPUBLIC

LEBAN 6 1/4 06/12/25

6.0

6.9

LEBANESE REPUBLIC

LEBAN 6.6 11/27/26

6.0

6.9

LEBANESE REPUBLIC

LEBAN 6.85 03/23/27

6.0

7.0

LEBANESE REPUBLIC

LEBAN 6 3/4 11/29/27

6.0

6.9

LEBANESE REPUBLIC

LEBAN 7 03/20/28

6.0

6.9

LEBANESE REPUBLIC

LEBAN 6.65 11/03/28

6.0

6.8

LEBANESE REPUBLIC

LEBAN 6.85 05/25/29

6.0

6.8

LEBANESE REPUBLIC

LEBAN 6.65 02/26/30

6.0

6.9

LEBANESE REPUBLIC

LEBAN 7 04/22/31

6.0

6.8

LEBANESE REPUBLIC

LEBAN 7.15 11/20/31

6.0

6.8

LEBANESE REPUBLIC

LEBAN 7 03/23/32

6.0

6.9

LEBANESE REPUBLIC

LEBAN 8.2 05/17/33

6.0

6.8

LEBANESE REPUBLIC

LEBAN 8 1/4 05/17/34

5.9

6.8

LEBANESE REPUBLIC

LEBAN 7.05 11/02/35

6.1

7.0

LEBANESE REPUBLIC

LEBAN 7 1/4 03/23/37

6.1

7.0

* Indicative price for positions with institutional size only. For smaller sizes please call desk. 

Sri Lanka

Sri L

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