So ordnen wir es ein: Biden zeigt Putin die Macht der USA auf, ohne dabei einen Schuss abzugeben. Seine eindrückliche Geste der Unterstützung muss Russland zu denken geben.

 

Das Wichtigste am Morgen

Bidens Besuch kam für die Ukraine zu einem bedeutsamen Zeitpunkt

Das ist passiert: Kurz vor dem Jahrestag von Russlands Invasion hat Joe Biden gestern Kiew besucht. Der amerikanische Präsident fand eine angespannt-hoffnungsvolle Stimmung vor. Ukrainische Erfolge an der Front sind selten geworden. Mit der Reise unterstrich Biden seine Entschlossenheit, der Ukraine in ihrem zähen Abnützungskrieg weiter beizustehen. Er setzte damit auch innenpolitisch ein Signal, denn die oppositionellen Republikaner haben klargemacht, dass ihre Unterstützung nicht bedingungslos ist. Zum Bericht

Darum ist es wichtig: Der Spaziergang in Kiew ist ein Etappenerfolg für Biden. Er bewies Führungsstärke und wird nun in den USA gar mit Kriegspräsident Franklin D. Roosevelt verglichen. Doch die grosse Symbolik täuscht darüber hinweg, dass auch Bidens Regierung nicht frei von Zweifeln gegenüber der Ukraine ist. Kiews Forderungen nach Kampfjets oder ballistischen Kurzstreckenraketen stossen bis jetzt auch in Washington auf taube Ohren. Zum Bericht

So ordnen wir es ein: Biden zeigt Putin die Macht der USA auf, ohne dabei einen Schuss abzugeben. Seine eindrückliche Geste der Unterstützung muss Russland zu denken geben. Doch es braucht noch mehr Anstrengungen Europas und der USA, damit die Versprechen auch eingelöst werden. Zum Kommentar

So gelang die Reise: Laut seinem öffentlich einsehbaren Tagesprogramm hatte Biden am Montag Termine in Washington geplant. Das lässt sich rückblickend als gezieltes Täuschungsmanöver werten. Niemand sollte wissen, dass der Präsident längst auf dem Weg nach Kiew war. Zum Hintergrund

Republic of Venezuela VENZ 11.95 08/05/31 9.5 11

 

Venezuela

Eni and Repsol press Venezuelan government for greater control of their operations in Venezuela

Two oil companies, Italy’s Eni and Spain’s Repsol, are requesting increased operational control over their joint ventures with Venezuela's state-owned company PDVSA.  This request follows the renegotiation of Chevron Corp's contract with the Venezuelan government.  The European oil companies are said to have held meetings with a senior member of the Maduro administration and are reviewing their contracts.

Primary elections to be held 22^nd October 2023

Jesús María Casal, who is the president of the National Primary Commission (CNP) responsible for conducting and supervising the opposition's primary elections, declared that the opposition's primary elections to select a candidate for the 2024 presidential elections would take place on 22^nd October 2023.

Venezuela Power Vacuum in US Raises Questions for Creditors

The absence of leadership in the United States delegation from Venezuela has resulted in a power vacuum, leaving bondholders without a party to negotiate the country's USD 60bn of defaulted debt, according to an attorney who advises the largest group of creditors.  Government and state oil company bondholders are willing to discuss a tolling agreement on the bonds, which would effectively prolong the approaching statute of limitations and provide time for a debt restructuring.  The Venezuela Creditor Committee, mostly composed of institutional investors who own over USD 10bn of the debt, is represented by attorney Richard Cooper of law firm Cleary Gottlieb Steen & Hamilton LLP. However, following the opposition's removal of Juan Guaido in December, the creditors can negotiate. 

 

Issuer	Ticker	Bid	Ask
Republic of Venezuela	VENZ 13 ⅝ 08/15/18	9	10
Republic of Venezuela	VENZ 7 12/01/18	7.5	8.5
Republic of Venezuela	VENZ 7¾ 10/13/19	7.5	8.5
Republic of Venezuela	VENZ 6 12/09/20	7.5	8.5
Republic of Venezuela	VENZ 12¾ 08/23/22	9.5	11
Republic of Venezuela	VENZ 9 05/07/23	8.5	9.5
Republic of Venezuela	VENZ 8¼ 10/13/24	8.5	9.5
Republic of Venezuela	VENZ 7.65 04/21/25	8.5	9.5
Republic of Venezuela	VENZ 11¾ 10/21/26	9.5	11
Republic of Venezuela	VENZ 9 ¼ 09/15/27	9.5	11
Republic of Venezuela	VENZ 9¼ 05/07/28	9.5	11
Republic of Venezuela	VENZ 11.95 08/05/31	9.5	11
Republic of Venezuela	VENZ 9 3/8 01/13/34	9	10
Republic of Venezuela	VENZ 7 03/31/38	8.5	9.5
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.

Argentina

Argentina Rolls Over USD 1.6bn of Local Debt as Pile Swells

Last Wednesday, the Argentine government extended the maturity on USD 1.6bn in local securities and sold an extra ARG 97bn, further increasing the pile of local debt that many fear will become unmanageable before the year ends. To attract investors, the government continued to decrease the duration of the debt. A statement from the Economy Ministry indicated that over 90% of the securities that were sold last week will reach maturity by 16^th June 2023.

 

Issuer	Ticker	Bid	Ask
REPUBLIC OF ARGENTINA	ARGTES 16 10/17/23	71.6	72.2
REPUBLIC OF ARGENTINA	ARGENT 5 7/8 01/11/28	36.5	37.4
REPUBLIC OF ARGENTINA	ARGENT 1 07/09/29	28.9	29.5
REPUBLIC OF ARGENTINA	ARGENT 0 1/2 07/09/29	27.7	29.7
REPUBLIC OF ARGENTINA	ARGENT 0 1/2 07/09/30	30.2	31.0
REPUBLIC OF ARGENTINA	ARGENT 0 1/8 07/09/30	24.5	26.2
REPUBLIC OF ARGENTINA	ARGENT 8.28 12/31/33	36.5	37.4
REPUBLIC OF ARGENTINA	ARGENT 8.28 12/31/33	36.5	37.3
REPUBLIC OF ARGENTINA	ARGENT 0 7/8 07/09/35	23.7	25.4
REPUBLIC OF ARGENTINA	ARGENT 1 1/2 07/09/35	26.2	26.8
REPUBLIC OF ARGENTINA	ARGENT 3 7/8 01/09/38	32.2	32.8
REPUBLIC OF ARGENTINA	ARGENT 2 1/2 12/31/38	36.5	37.4
REPUBLIC OF ARGENTINA	ARGENT 3.38 12/31/38	31.9	32.6
REPUBLIC OF ARGENTINA	ARGENT 3 3/4 12/31/38	36.5	37.4
REPUBLIC OF ARGENTINA	ARGENT 2 1/2 12/31/38	45.6	48.3
REPUBLIC OF ARGENTINA	ARGENT 3 3/4 12/31/38	45.6	46.4
REPUBLIC OF ARGENTINA	ARGENT 3.38 12/31/38	31.4	33.1
REPUBLIC OF ARGENTINA	ARGENT 0.67 12/31/38	13.5	26.5
REPUBLIC OF ARGENTINA	ARGENT 2 1/2 12/31/38	45.6	48.3
REPUBLIC OF ARGENTINA	ARGENT 3 1/2 07/09/41	29.0	29.6
REPUBLIC OF ARGENTINA	ARGENT 2 3/4 07/09/41	22.9	25.8
REPUBLIC OF ARGENTINA	ARGENT 1 1/2 07/09/46	26.8	27.7
REPUBLIC OF ARGENTINA	ARGENT 0 7/8 07/09/46	23.3	25.1
REPUBLIC OF ARGENTINA	ARGENT 6 7/8 01/11/48	36.5	37.4

 

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

Ghana

Ghana inches closer to reorganising its Debt.

ven

 carib hat geschrieben: ↑Do 16. Feb 2023, 20:44(Bloomberg) -- A power vacuum in Venezuela’s leadership in the US has left bond holders with no one to negotiate the country’s $60 billion pile of defaulted debt, according to a lawyer who advises the largest group of creditors.Investors that own government and state oil company bonds are open to negotiating a so-called tolling agreement on the bonds. That would effectively extend an approaching statute of limitations and give the parties time to work on a restructuring, said Richard Cooper, an attorney at Cleary Gottlieb Steen & Hamilton LLP.The firm represents the Venezuela Creditor Committee, a group of mostly institutional investors that have held more than $10 billion of the debt.However, the creditors don’t have a government to negotiate with after opposition lawmakers removed Juan Guaido in December. Washington doesn’t recognize President Nicolas Maduro either, having cut ties in 2019.“A tolling agreement is difficult because of the end of the interim government and lack of clarity of who’s the recognized government,” Cooper said during a rare event on Venezuela’s debt organized by Americas Society/Council of the Americas in New York.Any attempts at an eventual restructuring would face a difficult path: The bonds are deeply distressed, trading below 11 cents on the dollar. And US traders are currently banned by sanctions from buying the debt.The creditor situation adds to the fallout from the removal of Guaido, who was backed by Washington and other Western governments in 2019 and given control of government assets in foreign countries. Last week, the State Department took custody of Venezuela’s Embassy and diplomatic residences in Washington and New York, saying foreign diplomats have to be appointed by a president.For creditors, the future of one of the world’s largest piles of defaulted debt is at stake. The government and state oil company PDVSA stopped paying on roughly $60 billion of bonds in 2017. Billions more of interest has accumulated since.As the sixth anniversary of the default nears in October, investors are getting ready to sue in US courts before a statute of limitations expires, which would strip them of their ability to enforce repayment of the obligations.A tolling agreement would push that deadline down the road, which Cooper said would “basically avoid unnecessary expenditures” of costly lawsuits.Maduro has repeatedly said his government is open to negotiations with creditors. Vice President Delcy Rodriguez offered to waive the statute of limitations on almost all Venezuelan bonds in 2020.The offer failed to gain traction because Maduro was not recognized and the US had imposed economic sanctions against Venezuela.“It’s very difficult to have an agreement where there’s a lack of clarity about legal representation,” said David Syed, an attorney at Denton’s Europe LLP, who advises Venezuela’s Finance Ministry and PDVSA. Syed said he was not appearing at Wednesday’s conference on behalf of the government.“I think the willingness is still there if we have the proper discussion,” Syed said about the tolling agreement.The Venezuela government didn’t immediately return messages seeking comment.Cooper said even if a tolling agreement is eventually reached, any debt negotiations will be a drawn-out process.“There is no script for the eventual restructuring of Venezuela,” he said. “This is going to be really complicated if and when it happens.

ven

 

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