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Sovereigns Venezuela   PDVSA assigns oil cargo to Eni In February, PDVSA assigned an oil cargo to the Italian firm Eni, per sources reported by Reuters. It is the first shipment sent to the nation in Europe since PDVSA's new management halted deliveries in order to conduct a thorough investigation.   State-owned refineries in Curacao and Venezuela battle over USD 1bn in closed-door arbitration This week in Switzerland, an arbitration lawsuit involving the Curacaoan di Krsou Refinery (Refineria di Krsou, RdK) and PDVSA is being considered behind closed doors. The issue concerns a demand by RdK against PDVSA for roughly USD 1bn, which arises from PDVSA's former administration of the Island Refinery, a refinery in Curacao, which ended in December 2019. RdK is demanding payment for the Island Refinery's upkeep and blaming PDVSA for the environment's harm.   Primary elections to be held in September or October: Tal Cual Various announcements, including the date of the Unitary Platform's (Plataforma Unitaria, PU) presidential primary elections, which are anticipated to take place between September and October of this year, will be made on 15th Feberuary by Jess Mara Casal, the president of the primary commission, according to local news outlet Tal Cual.   Trinidad & Tobago’s Energy Minister held a meeting in Caracas Stuart Young, the energy minister for Trinidad and Tobago, reportedly met with Tareck El Aissami, the minister of petroleum, and Delcy Rodriguez, the vice president of Venezuela, marking the first high-level visit since the US gave its approval to the joint development of a significant offshore gas project.   Issuer Ticker Bid Ask Venezuela VENZ 13 ⅝ 08/15/18 9 10 Venezuela VENZ 7 12/01/18 7.5 8.5 Venezuela VENZ 7¾ 10/13/19 7.5 8.5 Venezuela VENZ 6 12/09/20 7.5 8.5 Venezuela VENZ 12¾ 08/23/22 9 10 Venezuela VENZ 9 05/07/23 7.75 8.75 Venezuela VENZ 8¼ 10/13/24 7.75 8.75 Venezuela VENZ 7.65 04/21/25 7.75 8.75 Venezuela VENZ 11¾ 10/21/26 9 10 Venezuela VENZ 9 ¼ 09/15/27 9 10 Venezuela VENZ 9¼ 05/07/28 9 10 Venezuela VENZ 11.95 08/05/31 9 10 Venezuela VENZ 9 3/8 01/13/34 8 9 Venezuela VENZ 7 03/31/38 7.75 8.75 Venezuela ICSID Claims Call desk for Prices PDVSA PDVSA 8½ 10/27/20 22 24 PDVSA PDVSA 9 11/17/21 4.5 5.5 PDVSA PDVSA 12¾ 02/17/22 4.5 5.5 PDVSA PDVSA 6 10/28/22 3 4 PDVSA PDVSA 6 5/16/24 4.5 5.5 PDVSA PDVSA 6 11/15/26 4.5 5.5 PDVSA PDVSA 5⅜ 04/12/27 4.5 5.5 PDVSA PDVSA 9¾ 05/17/35 4.5 5.5 PDVSA PDVSA 5½ 04/12/37 4.5 5.5   *Indicative price for position with institutional size only. For smaller sizes please call desk. Ecuador Bonds fall after constitutional changes shot down. Ecuador’s bonds are plunging after voters unexpectedly spurned President Guillermo Lasso’s proposed constitutional changes, weakening his market-friendly government while bolstering the socialist opposition.  Lasso failed on all eight of his proposed amendments, including one that would allow the extradition of drug traffickers to the US.  At the same time, allies of leftist former President Rafael Correa won broad support in local elections — including a mayoral victory in Guayaquil, one of the nation’s biggest cities.  The outcome has shocked both pollsters and investors, with Ecuador’s dollar debt due in 2030 tumbling more than 12 cents since the Sunday vote to 58 cents, the lowest since November.  The nation’s debt, on average, is handing investors losses of more than 7% so far this year — making it the world’s worst-performing sovereign in 2023. Rejection of Lasso’s goals increases risk that the leader won’t be able to complete the final two years of his term.   Issuer Ticker Bid Ask REPUBLIC OF ECUADOR ECUA 5 1/2 07/31/30 70.8 71.8 REPUBLIC OF ECUADOR ECUA 0 07/31/30 46.3 47.5 REPUBLIC OF ECUADOR ECUA 10 08/15/30 15.9 20.5 REPUBLIC OF ECUADOR ECUA 7 1/4 01/30/35 15.5 20.1 REPUBLIC OF ECUADOR ECUA 2 1/2 07/31/35 52.2 53.2 REPUBLIC OF ECUADOR ECUA 1 1/2 07/31/40 46.9 47.7 REPUBLIC OF ECUADOR ECUA 1 1/2 07/31/40 37.1 37.7   *Indicative price for position with institutional size only. For smaller sizes please call des