Venezuela
Reimagining the future of Venezuela: Discussions held with main stakeholders took place in Dominican Republic
With the help of the Global Foundation for Democracy and Development (FUNGLODE), a UK-based think tank, Chatham House, organised an unofficial gathering last 8th and 9th December in the Dominican Republic, with representatives from the interim government of Venezuela, the Biden administration, the former left-wing presidents from Colombia and Dominican Republic, and investment fund creditors in addition to Venezuelan government officials. This event took place for the first time with creditors being invited. The goal of this event was to "reimagining" the US sanctions against Venezuela, considering individual sanctions, sanctions against state-owned businesses, as well as how to deploy one of the biggest escrow accounts ever created by the UN for humanitarian relief purposes in Venezuela. In this context, all the parties from the Government and the opposition agreed that Venezuela’s creditors position should be considered in a wider context, together with all the issues discussed in Mexico. In this negotiation, creditors should be regarded as an opportunity to show to the financial market that Venezuela is willing and able to solve this problem and eventually, when granted access to the financial market, to finance the reconstruction of the vital infrastructure of the country.
Fewer Venezuelans find government change ‘very necessary’: Delphos poll
The percentage of Venezuelans that considers govt change as “very necessary” fell to 42.5% from 57.4% in July 2021, according to survey data presented by Felix Seijas, director of the pollster Delphos. The willingness to go out to the streets to protest against the government dropped to 21% from 40% a year ago in what Seijas calls a “cool down”. The percentage of those who consider government change as “necessary” rose to 30% from 26% in July 2021. 53.8% say sanctions affect them “a lot” vs. 35% believing they affect Maduro and his circle. 55% agree with lifting all sanctions. Delphos interviewed 1,200 people from Nov 7-16th. It’s also important to note that from 20th July, Venezuela poll shows 57% saying sanctions should be lifted.
Venezuela sees oil exports financing almost two-thirds of 2023 budget
Venezuela's government expects oil exports to finance 63% of its national budget in 2023, a document seen by Reuters showed, a slightly higher proportion than this year, as US sanctions against the government are being reviewed. The review could be positive for oil sales if it allows exports to the United States. The government of President Nicolas Maduro sees the national budget equivalent to USD 14.7 bn, in line with the official exchange rate of 11.6 bolivars to the dollar.
Guaidó: The 5th January will install a National Parliament that will defend the interests of Venezuelans
The interim president of Venezuela, Juan Guaidó, confirmed last Monday that on 5th January 2023 he will install the National Assembly (AN) that was elected in 2015. He assured that the parliamentarians elected on 6th December 2015, will defend Venezuelans because "the tools of struggle are not delivered." This action is an option Guaidó will use to extend the life of the interim government.
Venezuela Guaidó seeks US license to shield Citgo from creditors
Venezuela’s opposition leader Juan Guaidó said it’s important that the Biden administration extends Citgo’s license for one more year to protect it from creditors, according to a press release last Tuesday from his office.
PDVSA to send crude to the US without discounts and receive bolivars for shipments to Chevron
The permit literally enshrines that no tax, royalty or dividend payments are allowed by Chevron to PDVSA or the Venezuelan government headed by Maduro, but the tax obligations have always been assumed by the state corporation and have been recorded as an account receivable to the joint venture. In the accounts that have been made, it is expected that crude sales will reach the US market in December basically adjusted to market conditions and without the discounts that PDVSA had been granting for the sale of crude oil especially for shipments to China and the income for the state company could reach close to USD 35m at the end of the month.
Venezuelan officials and Chevron executives hold closed-doors meetings
According to sources quoted by Reuters, executives from US oil company Chevron Corp and Venezuelan officials held a private meeting on Wednesday to discuss operations and management matters, leaving out workers that were initially supposed to be included.
Venezuelan opposition parties seek to protect humanitarian fund from creditors
According to sources quoted by Reuters, Venezuelan opposition parties seek to protect United Nations (UN)-managed humanitarian funds from foreign creditors by keeping the details of funds release confidential. Following the resumption of the Norway-mediated negotiations between the government and an opposition coalition so-called "Unitary Platform" (UP), the parties signed a humanitarian agreement enabling the allocation of between USD 3bn and USD 5bn in Venezuelan funds frozen abroad to provide humanitarian relief through an UN-administered fund. Reuters's sources said that opposition leaders worry that Venezuelan creditors could take legal action to seize some of the funds to collect unpaid debts. The sources also stressed that the amounts deposited in the accounts, and the banks that hold them, have not been revealed, adding that UP will make its best effort to keep the details private from creditors going forward.
Maduro meets centrist opposition leader to expand negotiation process
Venezuelan President Nicolás Maduro met this Wednesday with Antonio Ecarri, the president of the Pencil Alliance (Alianza Lápiz) political party, to expand the negotiations held with sectors of the opposition on social, economic, political, and electoral matters.
Oilfield servicing companies negotiate OFAC license in the face of the possibility of other companies resuming operations in Venezuela
Oilfield servicing companies tied to Chevron, Weatherford, Baker Hughes, Halliburton, and Schlumberger are working on arrangements so that the US Office of Foreign Assets Control (OFAC) authorizes them to provide services to other joint ventures in Venezuela. The recently OFAC-issued license to Chevron allows US companies to provide services to Chevron's joint ventures with Venezuela's state-owned oil company Petroleum of Venezuela (Petróleos de Venezuela SA, PDVSA).
Former Miami congressman arrested on charges lobbying for Maduro
A former Republican congressman from Miami, David Rivera, was arrested yesterday in the Atlanta area on charges for representing a foreign government without registering. The Republican signed a USD 50m contract with PDV USA, an American subsidiary of the Venezuelan state-run oil company Petroleum of Venezuela (Petróleos de Venezuela S.A., PDVSA).
Issuer | Ticker | Bid | Ask |
Republic of Venezuela | VENZ 13 ⅝ 08/15/18 | 8.75 | 9.75 |
Republic of Venezuela | VENZ 7 12/01/18 | 7.25 | 8.50 |
Republic of Venezuela | VENZ 7¾ 10/13/19 | 7.25 | 8.50 |
Republic of Venezuela | VENZ 6 12/09/20 | 7.25 | 8.50 |
Republic of Venezuela | VENZ 12¾ 08/23/22 | 8.50 | 9.50 |
Republic of Venezuela | VENZ 9 05/07/23 | 7.50 | 8.50 |
Republic of Venezuela | VENZ 8¼ 10/13/24 | 7.50 | 8.50 |
Republic of Venezuela | VENZ 7.65 04/21/25 | 7.50 | 8.50 |
Republic of Venezuela | VENZ 11¾ 10/21/26 | 8.50 | 9.50 |
Republic of Venezuela | VENZ 9 ¼ 09/15/27 | 8.75 | 9.75 |
Republic of Venezuela | VENZ 9¼ 05/07/28 | 8.00 | 9.00 |
Republic of Venezuela | VENZ 11.95 08/05/31 | 8.50 | 9.50 |
Republic of Venezuela | VENZ 9 3/8 01/13/34 | 7.75 | 8.75 |
Republic of Venezuela | VENZ 7 03/31/38 | 7.50 | 8.50 |
Republic of Venezuela | ICSID Claims | Call desk for Prices | |
Petróleos de Venezuela SA | PDVSA 8½ 10/27/20 | 19.00 | 20.00 |
Petróleos de Venezuela SA | PDVSA 9 11/17/21 | 4.50 | 5.50 |
Petróleos de Venezuela SA | PDVSA 12¾ 02/17/22 | 4.50 | 5.50 |
Petróleos de Venezuela SA | PDVSA 6 10/28/22 | 2.50 | 3.50 |
Petróleos de Venezuela SA | PDVSA 6 5/16/24 | 4.50 | 5.50 |
Petróleos de Venezuela SA | PDVSA 6 11/15/26 | 4.50 | 5.50 |
Petróleos de Venezuela SA | PDVSA 5⅜ 04/12/27 | 4.50 | 5.50 |
Petróleos de Venezuela SA | PDVSA 9¾ 05/17/35 | 4.50 | 5.50 |
Petróleos de Venezuela SA | PDVSA 5½ 04/12/37 | 4.50 | 5.50 |
*Indicative price for position with institutional size only. For smaller sizes please call desk.
Argentina
Argentina Vice President given 6-year jail term in graft case
Argentina Vice President Cristina Fernandez de Kirchner was found guilty of corruption charges and sentenced to six years in prison by a federal court on Tuesday in a landmark case that’s likely to intensify political battles in the South American nation.
Issuer | Ticker | Bid | Ask |
REPUBLIC OF ARGENTINA | ARGENT 4 5/8 01/11/23 | 39.0 | 39.9 |
REPUBLIC OF ARGENTINA | ARGTES 16 10/17/23 | 60.9 | 61.3 |
REPUBLIC OF ARGENTINA | ARGENT 5 7/8 01/11/28 | 39.0 | 39.9 |
REPUBLIC OF ARGENTINA | ARGENT 1 07/09/29 | 24.9 | 26.1 |
REPUBLIC OF ARGENTINA | ARGENT 0 1/2 07/09/29 | 22.9 | 25.1 |
REPUBLIC OF ARGENTINA | ARGENT 0 1/2 07/09/30 | 25.5 | 26.6 |
REPUBLIC OF ARGENTINA | ARGENT 0 1/8 07/09/30 | 22.2 | 23.2 |
REPUBLIC OF ARGENTINA | ARGENT 8.28 12/31/33 | 39.0 | 39.9 |
REPUBLIC OF ARGENTINA | ARGENT 8.28 12/31/33 | 39.0 | 40.0 |
REPUBLIC OF ARGENTINA | ARGENT 0 7/8 07/09/35 | 21.2 | 22.6 |
REPUBLIC OF ARGENTINA | ARGENT 1 1/2 07/09/35 | 23.4 | 24.5 |
REPUBLIC OF ARGENTINA | ARGENT 3 7/8 01/09/38 | 29.2 | 30.3 |
REPUBLIC OF ARGENTINA | ARGENT 2 1/2 12/31/38 | 39.0 | 39.9 |
REPUBLIC OF ARGENTINA | ARGENT 3.38 12/31/38 | 27.3 | 27.8 |
REPUBLIC OF ARGENTINA | ARGENT 3 3/4 12/31/38 | 39.0 | 39.9 |
REPUBLIC OF ARGENTINA | ARGENT 2 1/2 12/31/38 | 44.5 | 45.1 |
REPUBLIC OF ARGENTINA | ARGENT 3 3/4 12/31/38 | 44.4 | 45.0 |
REPUBLIC OF ARGENTINA | ARGENT 3.38 12/31/38 | 27.7 | 29.6 |
REPUBLIC OF ARGENTINA | ARGENT 0.67 12/31/38 | 13.5 | 26.5 |
REPUBLIC OF ARGENTINA | ARGENT 2 1/2 12/31/38 | 44.5 | 45.1 |
REPUBLIC OF ARGENTINA | ARGENT 3 1/2 07/09/41 | 27.0 | 28.3 |
REPUBLIC OF ARGENTINA | ARGENT 2 3/4 07/09/41 | 21.7 | 23.1 |
REPUBLIC OF ARGENTINA | ARGENT 1 1/2 07/09/46 | 23.6 | 24.9 |
REPUBLIC OF ARGENTINA | ARGENT 0 7/8 07/09/46 | 20.5 | 22.2 |
REPUBLIC OF ARGENTINA | ARGENT 6 7/8 01/11/48 | 39.0 | 39.9 |
*Indicative price for position with institutional size only. For smaller sizes please call desk.
El Salvador
US sanctions officials close to El Salvador's Bukele for alleged corruption
Last Friday, the United States imposed sanctions on a number of Central American figures, including two lawmakers close to El Salvador's President Nayib Bukele, who is accused of potential wrongdoing in their respective nations.
El Salvador buys back USD 82m bonds due 2023 and 2025
El Salvador says it bought back USD 82m bonds due in 2023 and 2025, capping the second debt-repurchase offer promised by President Nayib Bukele’s government this year. The government repurchased USD 62.8m of notes due 24th January 2023, leaving about USD 604m to mature next month, according to a statement last Wednesday. It also bought back USD 19.4m of its bonds due in 2025, with about USD 348m of principal outstanding. Settlement is expected to occur on 8th December. The move follows a similar buyback in September, when the government bought back USD 133m of the 2023 bonds and USD 432m of the 2025 notes.
Issuer | Ticker | Bid | Ask |
REPUBLIC OF EL SALVADOR | ELSALV 9 1/2 07/15/52 | 42.4 | 43.9 |
REPUBLIC OF EL SALVADOR | ELSALV 7.1246 01/20/50 | 36.9 | 39.3 |
REPUBLIC OF EL SALVADOR | ELSALV 8 1/4 04/10/32 | 42.3 | 43.8 |
REPUBLIC OF EL SALVADOR | ELSALV 8 5/8 02/28/29 | 42.1 | 44.1 |
REPUBLIC OF EL SALVADOR | ELSALV 6 3/8 01/18/27 | 42.2 | 43.8 |
REPUBLIC OF EL SALVADOR | ELSALV 5 7/8 01/30/25 | 62.5 | 64.2 |
REPUBLIC OF EL SALVADOR | ELSALV 7 3/4 01/24/23 | 93.7 | 95.2 |
*Indicative price for position with institutional size only. For smaller sizes please call desk.
Ghana
Ghana invites eligible bondholders to exchange GHS 137.3 bn of do
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