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7th - 11th November 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 Venezuelan political talks to restart after US midterm elections The discussions between the Venezuelan government and the opposition will shortly resume, with Mexico serving as the host nation and the Kingdom of Norway serving as the mediator. Bloomberg News cited sources who stated that the Venezuelan government and opposition will not resume talks in Mexico until after the November 8 US midterm elections. Government and opposition delegations to meet in Paris next week The Paris Peace Forum, an event supported by French President Emmanuel Macron, will bring together Venezuela's top negotiators from both the government and the opposition. The meeting is not yet set, and Justin Vasse, the forum's creator and general director, emphasised last Tuesday that it would not be a negotiation but rather an effort by President Macron and other chiefs of state to express support for the negotiating process. Vasse also indicated that Josep Borrell, the EU's high representative for international relations and security policy, could be able to attend. Venezuelan and Colombian presidents discuss human rights, sign joint statement The presidents of Colombia and Venezuela, Gustavo Petro and Nicolás Maduro, had their first meeting last week in Caracas at the presidential residence in Miraflores.  The two leaders discussed economic and trade ties, bolstering cooperation over Venezuelan petrochemical firm Monómeros, which has its headquarters in Colombia, human rights, and preserving the Amazon rain forest, as well as Venezuela's return to the Andean Community (Comunidad Andina, or CAN), a trade bloc that also includes Bolivia, Colombia, Peru, and Ecuador. Maduro and Lula agree to resume cooperation During a phone chat last week, Brazilian President-elect Luiz Inácio "Lula" Da Silva and Venezuelan President Nicolás Maduro decided to restore their bilateral collaboration. ConocoPhillips seeks to be part of the negotiations between the Biden and Maduro administrations ConocoPhillips, a US oil corporation, is attempting to contact or influence the US Department of Treasury to include the company's compensation payment in the talks between the US and the Maduro government, according to the local news agency Petroguia. In 2019, the business began conducting direct talks with Juan Guaidó's government and the Petroleos de Venezuela (PDVSA) ad hoc board. The controlling members of ConocoPhillips are reportedly hesitant to continue their ties with Guaidó's provisional administration, according to Petroguia.  “Chevron does not lobby to lift sanctions on Venezuela”: Chevron CEO Chevron Chairman and CEO Mike Wirth guaranteed that the business did not campaign to help relax sanctions on Venezuela in an interview with Bloomberg TV last Friday. There are discussions inside the administration that have been published in the media that we are not necessarily a part of about the negotiations between the governments of Nicolás Maduro and Joe Biden and a potential reduction of sanctions, according to Wirth.  Trinidad asks US to allow Venezuelan gas imports for LNG plant According to four individuals familiar with the negotiations, the government of Trinidad and Tobago is requesting the United States to approve Venezuelan gas imports to restart a liquefaction train that has been dormant in the Caribbean country. US Urges Venezuelans to Negotiate to Avoid Losing Citgo Parent To prevent a court-ordered sale of the parent business of the refiner, a US ambassador is pleading with the Venezuelan leaders who run Citgo Petroleum Corp. to engage in negotiations with creditors. According to five persons with knowledge of the meeting, US Ambassador to Venezuela James Story met with a few members of the Venezuelan opposition in Panama last month and suggested they begin talks with parties that have claims against PDV Holding Inc., the parent firm. The opposition is in charge of Citgo because the US regards it as Venezuela's provisional administration. Issuer Ticker Bid Ask Republic of Venezuela VENZ 13 5/8 08/15/18 6.5 7.5 Republic of Venezuela VENZ 9 ¼ 09/15/27 6.5 7.5 Republic of Venezuela VENZ 7 3/4 10/13/19 5.5 6.5 Republic of Venezuela VENZ 6 12/09/20 5.5 6.5 Republic of Venezuela VENZ 12 3/4 08/23/22 6.5 7.5 Republic of Venezuela VENZ 9 05/07/23 5.5 6.5 Republic of Venezuela VENZ 8 1/4 10/13/24 5.5 6.5 Republic of Venezuela VENZ 7.65 04/21/25 5.5 6.5 Republic of Venezuela VENZ 11 3/4 10/21/26 6.5 7.5 Republic of Venezuela VENZ 9 1/4 05/07/28 5.5 6.5 Republic of Venezuela VENZ 11.95 08/05/31 6.5 7.5 Republic of Venezuela VENZ 9 3/8 01/13/34 6.5 7.5 Republic of Venezuela VENZ 7 03/31/38 5.5 6.5 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. Ecuador Ecuador bond buyback rally fades as key political test nears Bonds from Ecuador rallied last month gaining almost 10 cents on the dollar, rebounding from a record low near 25 cents, after Pablo Arosemena said in a private event the nation would buy back some debt using the proceeds from the sale of a blue bond. But as global risk appetite fades, investors are bracing for a constitutional referendum that will likely occur in February. President Lasso proposed a series of changes to the constitution in September, with questions aimed to tackle security, political and environmental issues. The outcome of the vote will gauge his political support. The market “is probably going to run into sellers as people look to February as an important political risk point,” said Patrick Esteruelas, the head of research at Emso Asset Management. “Concerns around Lasso’s tenure and the low carry the bonds offer will cap any rally.” Issuer Ticker Bid Ask REPUBLIC OF ECUADOR ECUA 5 1/2 07/31/30 55.3 56.4 REPUBLIC OF ECUADOR ECUA 0 07/31/30 32.4 33.6 REPUBLIC OF ECUADOR ECUA 10 08/15/30 15.6 20.2 REPUBLIC OF ECUADOR ECUA 7 1/4 01/30/35 15.5 20.1 REPUBLIC OF ECUADOR ECUA 2 1/2 07/31/35 38.5 39.6 REPUBLIC OF ECUADOR ECUA 1 1/2 07/31/40 34.6 35.7 REPUBLIC OF ECUADOR ECUA 1 1/2 07/31/40 18.7 19.4 * Indicative price for positions with institutional size only. For smaller sizes please call desk.