Daily Comment 15NOV2017

November 15, 2017gquiroga

Venezuela: – Amid uncertainty after the investors meeting, the attention continues to be on the interest payments which grace period expired this week (PDV’27, VENZ’19 and VENZ’24) and the call for default for both Venezuela and PdVSA. In this sense,

Daily Comment 07NOV2017

November 7, 2017gquiroga

Venezuela: – The selloff in sovereign and quasi-sovereign curves continued yesterday, with the first leading with an average 11.47% drop – thanks mostly to the whopping correction of both VENZ’18, as the old fell 51.73% and the new decreasing 48.64%.

Daily Comment 02NOV2017

November 2, 2017gquiroga

Venezuela: – After yesterday’s comments of the Depository Trust Company of Venezuela’s bond payments, confirming the transaction and extra official information about some holders that already received payment on 2020 bond, the Venezuelan bonds showed positive movements. In this sense,

Daily Comment 01NOV2017

November 1, 2017gquiroga

Venezuela: – Until today 01 January 2017, will be held the process to postulate for the municipal elections, which are expected for around 10 December. However, there is no clear information on the ongoing process and the opposition response has

Daily Comment 30OCT2017

October 30, 2017gquiroga

Ecuador: – In line with the statement of Petroecuador’s CEO Byron Ojeda in early October, Oil Minister Carlos Perez stated – at the XII Annual Oil & Energy Encounter celebrated in Quito – that Ecuador will continue to assess changing

Daily Comment 26OCT2017

October 26, 2017gquiroga

Venezuela: – Former President of PDVSA and current ambassador of Venezuela at the United Nations, Rafael Ramirez, affirmed that PDVSA will honor its upcoming debt payments even in spite of the operational and cash-flow issues that the company is going

Daily Comment 25OCT2017

October 25, 2017gquiroga

Venezuela: – After the opposition situation got complicated this past Monday when the opposition governors elected in the regional elections decided to take oath at the National Constituent Assembly –institution that is not recognized by the opposition coalition-, former governor

Daily Comment 23OCT2017

October 23, 2017gquiroga

Venezuela: – Julio Borges, president of the National Assembly (AN in Spanish), proposed the government to stop cutting imports and, instead, refinance the debt payments left for the year in order to redirect the funds to buy food and medicines,

Daily Comment 19OCT2017

October 19, 2017gquiroga

Venezuela: – Yesterday the National Constituent Assembly (ANC for its words in Spanish) carried out the oath for the 18 governors elected in last Sunday regional elections. The oath took place under the constituent decree that establish that the new

  • Wednesday, November 15 2017

    Venezuela:

    - Amid uncertainty after the investors meeting, the attention continues to be on the interest payments which grace period expired this week (PDV’27, VENZ’19 and VENZ’24) and the call for default for both Venezuela and PdVSA. In this sense, the ISDA which is in charge since last week of assessing a credit default decision over the PDV’17 payment (which also arrived later than the day expected) said that they will meet again on Thursday with a deadline until Friday to make any decision on

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  • Tuesday, November 7 2017

    Venezuela:

    - The selloff in sovereign and quasi-sovereign curves continued yesterday, with the first leading with an average 11.47% drop – thanks mostly to the whopping correction of both VENZ’18, as the old fell 51.73% and the new decreasing 48.64%. Meanwhile, the PDVSA curve closed the day with a -4% average result. This situation is likely to continue, in our view, for as long as payments of coupons in grace period are not being made, situation aggravated by the closeness of the deadlines of each gr

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  • Thursday, November 2 2017

    Venezuela:

    - After yesterday’s comments of the Depository Trust Company of Venezuela’s bond payments, confirming the transaction and extra official information about some holders that already received payment on 2020 bond, the Venezuelan bonds showed positive movements. In this sense, we can use the PDV’20 experience to expect a similar process for the funds of the PDVSA 2017N to matured today for a total amount of USD1.170mn between principal and interest, with an announcement of the payment during

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  • Wednesday, November 1 2017

    Venezuela:

    - Until today 01 January 2017, will be held the process to postulate for the municipal elections, which are expected for around 10 December. However, there is no clear information on the ongoing process and the opposition response has not been clear either. In detail, seven opposition parties has decided to not participate in the next electoral process, however we do not discard that some of its member could –at the very last minute- decide that they will participate as an independent candidat

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