Republic of Venezuela VENZ 11.95 08/05/31 8.5 9.5

 

Venezuela

Exiled Venezuela lawmakers chosen to lead anti-Maduro fight.

Venezuela’s opposition has selected an all-female team of mostly unknown exiled former lawmakers to replace Juan Guaidó. On Thursday, those same former lawmakers chose Dinorah Figueroa as his replacement. She'll be joined by two other backbenchers — Marianela Fernández and Auristela Vásquez — in a triumvirate leadership of a legislature that operates as a symbolic shadow to Maduro’s rubber-stamping National Assembly, which convened Thursday in its neoclassical chambers. The women represent three different parties that had been pushing for Guaidó's removal as a way to reconnect with disillusioned voters ahead of next year's presidential elections. But it remains to see how, living outside Venezuela, they will manage to mobilize their compatriots to counter Maduro's increasingly firm grip on power. Figueroa, a medical surgeon who has been living in Spain, appealed for unity in her first address to fellow Maduro opponents. She also promised to work to shield the OPEC nation's extensive oil assets abroad, which include Houston-based refinery Citgo, from seizure by a long list of creditors stiffed by Maduro's profligate spending over the years.

Jorge Rodriguez re-elected to lead the National Assembly 

At Thursday's session inaugurating the legislative year, loyalist lawmakers re-elected Jorge Rodriguez to lead the National Assembly. Rodriguez, a close Maduro ally, accused the opposition of causing imposing undue “pain, suffering and aggression against the Venezuelan people” by supporting U.S. sanctions on the country. 

U.S. State Department spokesman Ned Price said Tuesday that the U.S. stands ready to work with any individual, or collective body, chosen by the 2015 National Assembly to represent it. “Our approach to Nicolás Maduro has not changed,” Price said Tuesday. “He is illegitimate. We support the 2015 National Assembly as the only remaining vestige of democracy in Venezuela.”

Maduro names new head of PDVSA and new foreign minister

Venezuelan President Nicolas Maduro on Friday named Pedro Rafael Tellechea as the new head of PDVSA and said Yvan Gil Pinto would become the new foreign minister. Exports this year are expected to get a lift after the United States relaxed oil sanctions by authorizing some PDVSA partners to resume taking Venezuelan crude. It was unclear if Tellechea would lead PDVSA and Pequiven at the same time. Tellechea, current was the head of Pequiven where he has overseen a boost in petrochemical exports that provided much-needed cash flow to Maduro’s administration on the other hand, Yvan Gil appointed as the new foreign affairs minister, will be pushed by operators still present in Venezuela, to get an equal treatment as Chevron.

Venezuela's opposition has shut down its "embassy" in Washington after removing US-backed Juan Guaidó 

"We inform the Venezuelan community in the United States, and the public in general, that the Venezuelan embassy in the United States and all its officials formally ceased functions on Thursday, January 5, 2023," the mission said. 

Guaido's associates seized control of the official Venezuelan embassy in 2019 after the opposition-controlled National Assembly rejected the 2018 legal presidential election results and established an "interim government" led by Guaido. The United States, eventually joined by some 50 other countries, then recognized Guaido as interim president.

Venezuela owes USD 20.7m to American legal firms and US Court grants motions to stay in two leading cases.

Venezuela owes USD 20.7m to American legal firms overseeing litigation against creditors attempting to collect outstanding obligations from bond defaults and nationalizations carried out more than 15 years ago, Reuters has said. The Citgo refinery, the jewel in the crown of Venezuela’s foreign assets and a subsidiary of PDVSA, has been granted powers by several US courts to creditors to negotiate the sale of Venezuelan assets abroad in order to recover debts. For some cases against Venezuela and PDVSA, the US District Court of Southern District of New York granted a motion to STAY due lack of clarity on whether the company is still represented by its lawyers.

Economic outlook

Forecasts might show a slight recovery, nevertheless we have a long way to go, doubts about the economy prevail, especially in the opinion of various experts, academics and unions, alerting us to the proximity of relapsing into hyperinflation. Cruises with European tourists arrive to the Island of Margarita, inhabitants, and local tourist companies notice an improvement in their activities.  Other sectors such as real estate, construction and agri-food, formulate financing alternatives, the national bank remains unresolved together with the government, the vital and necessary issue of credit to leverage the economic sectors and even those required in a personal capacity. Monetary insufficiency and high pressure on the national currency “the bolivar” continue. In labor, essential and pending recovery of the value of work, the minimum wage is estimated at $7 per month, the lowest in Latin America.

 

Republic of Venezuela	VENZ 13 ⅝ 08/15/18	8.75	9.75
Republic of Venezuela	VENZ 7 12/01/18	7	8
Republic of Venezuela	VENZ 7¾ 10/13/19	7	8
Republic of Venezuela	VENZ 6 12/09/20	7	8
Republic of Venezuela	VENZ 12¾ 08/23/22	8.5	9.5
Republic of Venezuela	VENZ 9 05/07/23	7.75	8.75
Republic of Venezuela	VENZ 8¼ 10/13/24	7.75	8.75
Republic of Venezuela	VENZ 7.65 04/21/25	7.75	8.75
Republic of Venezuela	VENZ 11¾ 10/21/26	7.75	8.75
Republic of Venezuela	VENZ 9 ¼ 09/15/27	8.75	9.75
Republic of Venezuela	VENZ 9¼ 05/07/28	7.75	8.75
Republic of Venezuela	VENZ 11.95 08/05/31	8.5	9.5
Republic of Venezuela	VENZ 9 3/8 01/13/34	7.75	8.75
Republic of Venezuela	VENZ 7 03/31/38	7.5	8.5
Republic of Venezuela	ICSID Claims	Call desk for Prices
Petróleos de Venezuela SA	PDVSA 8½ 10/27/20	19	20
Petróleos de Venezuela SA	PDVSA 9 11/17/21	4.25	5.25
Petróleos de Venezuela SA	PDVSA 12¾ 02/17/22	4.25	5.25
Petróleos de Venezuela SA	PDVSA 6 10/28/22	2.5	3.5
Petróleos de Venezuela SA	PDVSA 6 5/16/24	4.25	5.25
Petróleos de Venezuela SA	PDVSA 6 11/15/26	4.25	5.25
Petróleos de Venezuela SA	PDVSA 5⅜ 04/12/27	4.25	5.25
Petróleos de Venezuela SA	PDVSA 9¾ 05/17/35	4.5	5.5
Petróleos de Venezuela SA	PDVSA 5½ 04/12/37	4.5	5.5

 

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