Republic of Venezuela VENZ 11.95 08/05/31 11 12

 

Weekly Newsletter 20th - 24th March 2023 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 There will be an offer to buy senior secured notes from CITGO Holding. PDV Holding Inc., a wholly owned subsidiary of Venezuela's state-owned oil company PDVSA, has made an offer to purchase up to USD 406.6m in principle worth of senior secured notes due in 2024 from Citgo Holding Inc.  The Offer will be made in cash on 10th April, 2023, and will be for a purchase price equal to 100% of the principal amount of the Notes to be repurchased.  By the terms of the governing indenture, the company must make a buy offer for outstanding notes up to the amount of the excess cash flow offer. U.S Officials have stated that the Biden administration is not attempting to negotiate a prisoner exchange with Maduro. Two US officials have stated that contrary to the claims made in a letter and video provided to President Joe Biden by a US citizen currently being held in Venezuela, the Biden administration is not discussing a prisoner exchange.  Mr. Eyvin Hernández. Joint ventures between Chevron and PDVSA begin paying royalties through private banks in VED. Many sources cited by local news outlet Carpe Diem suggest that joint ventures between US oil giant Chevron and Venezuela's state-run PDVSA have begun moving royalties and income to PDVSA through private banks in VED.  In the United States and Europe, the practice is carried out by two large, privately-held businesses with significant financial networks. A decision from the United States on the release of frozen cash is awaited by Venezuela's opposition. According to several sources quoted by Reuters, the opposition is waiting for the United States to decide whether to provide funding to support opposition lawmakers and for humanitarian concerns. That's especially true now that there's been a holdup in the time it takes to alter the contact person for money transfers because of the necessary US permission process. An NDA for a multibillion-dollar gas project between Trinidad and Tobago and PDVSA has been signed. To safeguard its inclusion in the USD 1Bn Dragon Gas project, Trinidad and Tobago has signed a non-disclosure agreement with PDVSA, as stated by Energy Minister Stuart Young.  Young has been in charge of negotiations with PDVSA, which has been represented by the company's president and many vice presidents, as well as a delegation including a senior vice president from Shell T&T.  Around 4.2 trillion standard cubic feet of natural gas are estimated to be present in the Dragon Gas project, with the potential to supply Trinidad and Tobago with up to 150 million standard cubic feet per day.  Young and Venezuela's Vice President Delcy Rodriguez had previously talked about hydrocarbons and joint ventures.     Issuer Ticker BID ASK Republic of Venezuela VENZ 13 ⅝ 08/15/18 9.5 11 Republic of Venezuela VENZ 7 12/01/18 8 9 Republic of Venezuela VENZ 7¾ 10/13/19 8 9 Republic of Venezuela VENZ 6 12/09/20 8 9 Republic of Venezuela VENZ 12¾ 08/23/22 11 12 Republic of Venezuela VENZ 9 05/07/23 11 12 Republic of Venezuela VENZ 8¼ 10/13/24 11 12 Republic of Venezuela VENZ 7.65 04/21/25 9.5 11 Republic of Venezuela VENZ 11¾ 10/21/26 11 12 Republic of Venezuela VENZ 9 ¼ 09/15/27 11 12 Republic of Venezuela VENZ 9¼ 05/07/28 11 12 Republic of Venezuela VENZ 11.95 08/05/31 11 12 Republic of Venezuela VENZ 9 3/8 01/13/34 11 12 Republic of Venezuela VENZ 7 03/31/38 10 11 Republic of Venezuela ICSID Claims Call desk for Prices Petróleos de Venezuela SA PDVSA 8½ 10/27/20 22 24 Petróleos de Venezuela SA PDVSA 9 11/17/21 4.5 5.5 Petróleos de Venezuela SA PDVSA 12¾ 02/17/22 4.5 5.5 Petróleos de Venezuela SA PDVSA 6 10/28/22 3 4 Petróleos de Venezuela SA PDVSA 6 5/16/24 4.5 5.5 Petróleos de Venezuela SA PDVSA 6 11/15/26 4.5 5.5 Petróleos de Venezuela SA PDVSA 5⅜ 04/12/27 4.5 5.5 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. Ethiopia Ethiopia To Sell 45% of its Stake in Public Operator,