Venezuela Flash Notes

A Positive Turnout

July 23, 2017BancTrust & Co. Research Team
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

  • Monday, September 25 2017

    - Last Friday, the government of Canada announced economic sanctions on key Venezuela’s officials which affects 40 individuals who have played a key role in Maduro´s regime. In detail, these sanctions prohibit any person in Canada or any Canadian outside the country to have any type of economic relation with these members of the Venezuelan government. We see that the consequences of this sanctions are very similar to those applied by the United States government, affecting only individuals, reason why we do not expect the conse

  • Thursday, September 21 2017


    - Yesterday rumors started of the country being late on the payment of an USD185mn coupon of the VENZ27, which had to be canceled on September 15. Nevertheless, near the end of the day the national public credit office said that it sent the money on time to the corresponding financial institutions and the delay is due to "operational changes" in order to make future financial transactions effective. Furthermore, the credit institution reiterated Venezuela’s commitment in paying its debt and ca

  • Tuesday, September 19 2017

    - According to some new information, it seems that PetroChina Americas is revising its oil for cash agreements with PDVSA after the US sanctions were imposed, which would made them unable to act as an agent to commercialize Venezuelan crude. In detail, there is no change –as the sanctions detailed- in the ongoing contracts; the effect comes for the intention to renew or to extent the terms of the existence contracts. Read More >>

  • Friday, August 25 2017

    -Yesterday, it was known that some representatives of the Venezuelan government has been trying to reach a general agreement in China that comprises the creation of a sub-fund for the repurchase of Venezuelan debt –sovereign and PDVSA’s- which will allow the government to take advantage of the savings made when buying at discount the bonds with maturities in 2017 and 2018, savings are calculated around USD700mn. The final strategy will be to swap at maturity the bonds that are repurchase for new PDVSA’s debt with maturities


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