Venezuela Canaima Capital launches exchange offer for Venezuelan bonds Holders of portfolios of Venezuelan and state-owned Petroleum of Venezuela (PDVSA) bonds are invited to convert their holdings for financial instruments issued by the Canaima Fund Lux, a European securitization fund. In return for shares of Canaima Capital Management Limited, the company managing and acting as the representative of Canaima Fund Lux, the organisation putting out the exchange offer, potential investors would donate their portfolios of permissible bonds.

 

21st- 25th November 2022 This material does not constitute 'investment reserach' 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 Canaima Capital launches exchange offer for Venezuelan bonds Holders of portfolios of Venezuelan and state-owned Petroleum of Venezuela (PDVSA) bonds are invited to convert their holdings for financial instruments issued by the Canaima Fund Lux, a European securitization fund. In return for shares of Canaima Capital Management Limited, the company managing and acting as the representative of Canaima Fund Lux, the organisation putting out the exchange offer, potential investors would donate their portfolios of permissible bonds. Alberto Fernández: Trump’s sanctions on Venezuela were brutal Alberto Fernández, the president of Argentina, asserted that former US President Donald Trump tried everything in his power to stoke division among Venezuelans and imposed "brutal" sanctions on that nation. After taking part in a roundtable discussion at the Paris Peace Forum with the leaders of the government and opposition delegations for the Mexico talks, as well as French President Emmanuel Macron and Colombian President Gustavo Petro, Fernández spoke with French media outlet France 24 where he expressed optimism about the prospect of restarting the Mexico talks and finding a resolution to Venezuela's precarious current situation. Venezuela asks World Court to throw out Guyana border case Venezuela told judges at the International Court of Justice (ICJ) on Thursday that they should throw out a case filed by Guyana in a long-running border dispute, which could determine which country has rights to offshore oil and gas fields. Issuer Ticker Bid Ask Republic of Venezuela VENZ 13 5/8 08/15/18 7.5 8.5 Republic of Venezuela VENZ 9 ¼ 09/15/27 7.5 8.5 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 7.5 8.5 Republic of Venezuela VENZ 9 05/07/23 5.5 6.5 Republic of Venezuela VENZ 8 1/4 10/13/24 6.5 7.5 Republic of Venezuela VENZ 7.65 04/21/25 6.5 7.5 Republic of Venezuela VENZ 11 3/4 10/21/26 7.5 8.5 Republic of Venezuela VENZ 9 1/4 05/07/28 6.5 7.5 Republic of Venezuela VENZ 11.95 08/05/31 7.5 8.5 Republic of Venezuela VENZ 9 3/8 01/13/34 6.5 7.5 Republic of Venezuela VENZ 7 03/31/38 6.5 7.5 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 3.5 4.5 Petróleos de Venezuela SA PDVSA 12 3/4 02/17/22 3.5 4.5 Petróleos de Venezuela SA PDVSA 6 10/28/22 2.0 3.0 Petróleos de Venezuela SA PDVSA 6 05/16/24 3.5 4.5 Petróleos de Venezuela SA PDVSA 6 11/15/26 3.5 4.5 Petróleos de Venezuela SA PDVSA 5 3/8 04/12/27 3.5 4.5 Petróleos de Venezuela SA PDVSA 9 3/4 05/17/35 3.5 4.5 Petróleos de Venezuela SA PDVSA 5 1/2 04/12/37 3.5 4.5 *Indicative price for position with institutional size only. For smaller sizes please call desk. Argentina Argentina cenbank debt poses 'systemic risk' to financial sector, Moody's says According to Moody's ratings agency, Argentina's expanding central bank debt puts the country's monetary stability at danger. If savers abandon the local peso currency, this may further fuel inflation and exacerbate any exchange rate shock. Issuer Ticker Bid Ask REPUBLIC OF ARGENTINA ARGENT 4 5/8 01/11/23 38.5 39.4 REPUBLIC OF ARGENTINA ARGTES 16 10/17/23 55.5 56.9 REPUBLIC OF ARGENTINA ARGENT 5 7/8 01/11/28 38.5 39.4 REPUBLIC OF ARGENTINA ARGENT 1 07/09/29 23.3 24.0 REPUBLIC OF ARGENTINA ARGENT 0 1/2 07/09/29 21.2 22.9 REPUBLIC OF ARGENTINA ARGENT 0 1/2 07/09/30 24.3 25.1 REPUBLIC OF ARGENTINA ARGENT 0 1/8 07/09/30 20.6 21.8 REPUBLIC OF ARGENTINA ARGENT 8.28 12/31/33 38.5 39.4 REPUBLIC OF ARGENTINA ARGENT 8.28 12/31/33 38.5 39.4 REPUBLIC OF ARGENTINA ARGENT 0 7/8 07/09/35 19.1 19.9 REPUBLIC OF ARGENTINA ARGENT 1 1/2 07/09/35 21.2 22.4 REPUBLIC OF ARGENTINA ARGENT 3 7/8 01/09/38 28.2 29.4 REPUBLIC OF ARGENTINA ARGENT 2 1/2 12/31/38 38.5 39.4 REPUBLIC OF ARGENTINA ARGENT 3.38 12/31/38 27.4 28.3 REPUBLIC OF ARGENTINA ARGENT 3 3/4 12/31/38 38.5 39.4 REPUBLIC OF ARGENTINA ARGENT 2 1/2 12/31/38 44.4 47.4 REPUBLIC OF ARGENTINA ARGENT 3 3/4 12/31/38 44.4 46.2 REPUBLIC OF ARGENTINA ARGENT 3.38 12/31/38 27.0 28.9 REPUBLIC OF ARGENTINA ARGENT 0.67 12/31/38 13.5 25.6 REPUBLIC OF ARGENTINA ARGENT 2 1/2 12/31/38 44.4 47.4 REPUBLIC OF ARGENTINA ARGENT 3 1/2 07/09/41 25.1 26.5 REPUBLIC OF ARGENTINA ARGENT 2 3/4 07/09/41 20.5 22.4 REPUBLIC OF ARGENTINA ARGENT 1 1/2 07/09/46 22.1 23.7 REPUBLIC OF ARGENTINA ARGENT 0 7/8 07/09/46 19.5 21.4 REPUBLIC OF ARGENTINA ARGENT 6 7/8 01/11/48 38.5 39.4 *Indicative price for position with institutional size only. For smaller sizes please call desk. Ecuador Debt-for-nature swaps Ecuador isn't among the world's richer nations. It's a serial defaulter and its sovereign bonds are again trading at "distressed" levels, or a deep discount to their face value. But it does have a wealth of biodiversity that it could leverage in a wider region where much of the wildlife has been wiped out. The country is holding talks with banks and a nonprofit group in an attempt to reach a deal that would see about USD 800m of its debt refinanced more cheaply, freeing up the savings for conservation efforts. At that level, it would be the biggest debt-for-nature swap struck to date. Ecuadorian President Guillermo Lasso said last month in an local newspaper that its Galapagos swap deal could be wrapped up in four or five weeks. Issuer Ticker Bid Ask REPUBLIC OF ECUADOR ECUA 5 1/2 07/31/30 58.1 59.2 REPUBLIC OF ECUADOR ECUA 0 07/31/30 34.0 35.3 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 40.7 41.8 REPUBLIC OF ECUADOR ECUA 1 1/2 07/31/40 36.7 37.8 REPUBLIC OF ECUADOR ECUA 1 1/2 07/31/40 45.7 47.2 *Indicative price for position with institutional size only. For smaller sizes please call desk. El Salvador El Salvador congress approves USD 436m bond issuance According to La Prensa Grafica, El Salvador's congress granted the finance ministry's proposal to issue up to USD 436m in bonds this year to pay down the nation's debt and fund spending. The bonds may be issued on domestic or international markets, according to the publication. Issuer Ticker Bid Ask REPUBLIC OF EL SALVADOR ELSALV 9 1/2 07/15/52 40.3 41.8 REPUBLIC OF EL SALVADOR ELSALV 7.1246 01/20/50 34.9 37.0 REPUBLIC OF EL SALVADOR ELSALV 8 1/4 04/10/32 39.7 41.5 REPUBLIC OF EL SALVADOR ELSALV 8 5/8 02/28/29 41.2 42.9 REPUBLIC OF EL SALVADOR ELSALV 6 3/8 01/18/27 39.7 41.6 REPUBLIC OF EL SALVADOR ELSALV 5 7/8 01/30/25 58.8 60.8 *Indicative price for position with institutional size only. For smaller sizes please call desk. Lebanon TotalEnergies and Eni to start exploration work on Lebanon’s offshore block TotalEnergies and partner Eni have signed a framework agreement with the Israeli Government to implement a new maritime border accord between Israel and Lebanon. Last month, Israel signed a deal with Lebanon to settle a dispute over gas fields and the maritime border between the two countries, which enabled the countries to boost gas production from the gas-rich Mediterranean. In Lebanon, TotalEnergies holds a 60% operatorship stake in exploration Block 9, located in the eastern part of the Mediterranean Sea while Eni owns the remaining 40% interest. The framework agreement allows the two firms to start exploration work on a prospect, with the potential to extend into both Block 9 and Israeli waters. Lebanon to use SDR funds for emergency electricity plan The first phase of Lebanon’s emergency electricity plan, which will provide 8-10 hours of daily power supply in return for a tariff hike, is expected to move forward without obstacles after a recent solution was found. The solution does not require passing through parliament and thus avoids the opposition forces’ rejection to hold any legislative session” amid the current presidential vacuum. The opposition has argued that according to the constitution, any parliament meeting should be exclusively dedicated to the election of a new president. The solution calls for resorting to what’s left of the funds received by Lebanon from the International Monetary Fund under the Special Drawing Rights program. Only USD 300m remain from the initial amount of USD 1.1bn and will be used to launch the plan. Lebanon fails to elect successor to former president Aoun for sixth time amid financial meltdown Lebanon's parliament has failed for the 6th time to elect a successor to former president Michel Aoun, whose mandate expired last month, bringing the cash-strapped Arab country closer to institutional deadlock amid a deep financial crisis. Christian politician Michel Moawad, the son of former president Rene Moawad, who is seen as close to the United States, won the support of 43 of the 128-strong legislature. His tally was, however, outnumbered by the 45 blank ballots cast by lawmakers close to the Hezbollah resistance movement, and fell short of the margin needed for victory. Issuer Ticker Bid Ask LEBANESE REPUBLIC LEBAN 6 3/8 03/09/20 5.9 6.9 LEBANESE REPUBLIC LEBAN 5.8 04/14/20 5.9 6.8 LEBANESE REPUBLIC LEBAN 6.15 06/19/20 5.9 6.8 LEBANESE REPUBLIC LEBAN 6 1/4 05/27/22 5.9 6.8 LEBANESE REPUBLIC LEBAN 6.1 10/04/22 5.9 6.8 LEBANESE REPUBLIC LEBAN 6 01/27/23 5.9 6.7 LEBANESE REPUBLIC LEBAN 6.4 05/26/23 5.9 6.9 LEBANESE REPUBLIC LEBAN 6.65 04/22/24 5.9 6.8 LEBANESE REPUBLIC LEBAN 6 1/4 11/04/24 5.9 6.7 LEBANESE REPUBLIC LEBAN 7 12/03/24 5.9 6.8 LEBANESE REPUBLIC LEBAN 6.2 02/26/25 5.9 6.7 LEBANESE REPUBLIC LEBAN 6 1/4 06/12/25 5.9 6.7 LEBANESE REPUBLIC LEBAN 6.6 11/27/26 5.9 6.7 LEBANESE REPUBLIC LEBAN 6.85 03/23/27 5.9 6.7 LEBANESE REPUBLIC LEBAN 6 3/4 11/29/27 5.9 6.7 LEBANESE REPUBLIC LEBAN 7 03/20/28 5.9 6.8 LEBANESE REPUBLIC LEBAN 6.65 11/03/28 5.9 6.7 LEBANESE REPUBLIC LEBAN 6.85 05/25/29 5.9 6.8 LEBANESE REPUBLIC LEBAN 6.65 02/26/30 5.9 6.7 LEBANESE REPUBLIC LEBAN 7 04/22/31 5.9 6.7 LEBANESE REPUBLIC LEBAN 7.15 11/20/31 5.9 6.7 LEBANESE REPUBLIC LEBAN 7 03/23/32 5.9 6.7 LEBANESE REPUBLIC LEBAN 8.2 05/17/33 5.8 6.7 LEBANESE REPUBLIC LEBAN 8 1/4 05/17/34 5.9 6.8 LEBANESE REPUBLIC LEBAN 7.05 11/02/35 5.9 6.8 LEBANESE REPUBLIC LEBAN 7 1/4 03/23/37 5.9 6.9 *Indicative price for position with institutional size only. For smaller sizes please call desk