Venezuela Flash Notes

Venezuela Places a New Dollar Bond

January 9, 2017BancTrust & Co. Research Team

Earlier today, a government official reported the issuance of USD5bn by the Republic, in dollar-denominated bonds. The transaction was a private placement for the Central Bank and state-owned bank Banco de Venezuela. This issuance would be the first made by

Venezuela Flash Notes

PDVSA Tendered 39% of 2017 Bonds

October 31, 2016BancTrust & Co. Research Team

After three deadline extensions, PDVSA announced final results on its offer to exchange PDVSA 2017 bonds for a new senior secured bond due in 2020. All-in, the results are positive as the exchange accomplishes to save around USD2.8bn in short-term

Venezuela Flash Notes

PDVSA Extends the Swap Early Deadline

October 14, 2016Hernán Yellati & Guillermo Quiroga

We believe PDVSA’s word about a lower than expected participation reaffirms the view we expressed in previous flash notes (see 29 September Venezuela Flash Note – Sweetening the Swap), about the challenges of the swap. It basically goes as follows:

Venezuela Flash Notes

Sweetening the Swap

October 4, 2016BancTrust & Co. Research Team

As we mentioned in several consultations last week, PDVSA increased the exchange ratios on the swap proposal, making it more attractive to bondholders. That is: increasing the exchange ratio to 1.22:1 for PDVSA 8.5% 2017 bonds, and 1.17:1 for PDVSA

Venezuela Flash Notes

PDVSA Expects to Increase Oil Production

July 6, 2016Hernán Yellati, Guillermo Quiroga & Oriana Covault

According to Oil Minister, Eulogio Del Pino, oil output could reach an estimate 2.9mbd OAS meeting ended with the dialogue initiative gathering more sympathizers The results from the signatures validation process (part of the Recall Referendum early stages) are expected

  • Wednesday, July 19 2017

    -The National Assembly (AN in Spanish) approved the final reports on the popular consultation of 16 July and the candidates for magistrates of the Supreme Court (TSJ in Spanish). The latter is part of the process of one of the main items of the current agenda of “zero hour” established by the opposition party Democratic Unity Roundtable (MUD in Spanish), as the legislators expect to exercise their constitutional ability to name – on Friday 21 July – new magistrates and thus actively repudiate the current Supreme Court and i

  • Tuesday, July 18 2017

    - Following the results of the public consultation election on Sunday, the Democratic Unity Roundtable (MUD in Spanish) called for a 24-hour national strike on Thursday in protest against the National Constituent Assembly (ANC in Spanish) proposed by the administration of Nicolas Maduro. Furthermore, Freddy Guevara, deputy President of the Congress, said they expect to name the new magistrates of the Supreme Court on Friday. We can anticipate this move will not be acknowledge by both the government and the Supreme Court, but will u

  • Thursday, July 13 2017

    - S&P Global Ratings, following its Tuesday action of downgrading Venezuela’s rating, yesterday decided also to downgrade the corporate credit of Corporacion Electrica Nacional, better known as CORPOELEC (former ELECAR). The action resulted in a downgrade from “CCC” to “CCC -“while also maintaining the negative outlook. In detail, the rating agency argued that they are taking this action against the corporate as a result of the sovereign’s downgrade, as it reflects that this is a “government-related entity” (GRE

  • Wednesday, July 12 2017

    - A US appeals court blocked Exxon Mobil Corp from enforcing a USD1.6bn award against Venezuela for an asset seizure back in 2007. The court ruled that the judge made a mistake in excusing Exxon from complying with procedural requirements to enforce the October 2014 ruling. In this way, the court supported Venezuela’s point that Exxon should have tried to enforce the award under the federal Foreign Sovereign Immunities Act (FSIA), instead of streamlined procedures. All-in, Exxon's petition was dismissed without prejudice, meaning


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