fabriziof
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Naturalmente anche per pdvsa
Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 1 (6 lettori)
- Creatore Discussione troppidebiti
- Data di Inizio
- Stato
Naturalmente anche per pdvsa
tommy271
Forumer storico
Al momento non mi risulta, ma è probabile nei prossimi giorni ...
tommy271
Forumer storico
Venezuela Cut by S&P on Economic Policy, Decline in Reserves
By Nathan Crooks Dec 14, 2013 2:32 AM GMT+0100
Venezuela’s credit rating was cut by Standard & Poor’s on concern that “erratic” economic policies will boost the government’s dependence on oil revenue and weaken its ability to manage shocks as foreign reserves decline.
S&P lowered the rating one step to B-, six levels below investment grade and in line with Egypt, Jamaica and Pakistan, and gave it a negative outlook. Venezuela’s borrowing costs are the highest in the world among major emerging markets, with its dollar bonds yielding 11.12 percentage points more than Treasuries, according to JPMorgan Chase & Co. indexes.
President Nicolas Maduro, whose party won the most votes in a national election for mayors on Dec. 8, used troops to enforce price cuts in electronic stores ahead of the vote and temporarily seized an Irish-owned packaging plant last month, saying companies are overcharging consumers.
The South American country’s international reserves fell to $20.4 billion Dec. 10, the lowest level in nine years, while annual inflation exceeds 50 percent.
“We expect the results of the Dec. 8 municipal elections to reinforce the recent trend toward more government intervention in the economy, creating greater uncertainty,” S&P said in a statement today.
The ratings company last cut the South American country in June. S&P also cut its rating for PDVSA, the state oil company, to B- from B with a negative outlook. About half the time, government bond yields move in the opposite direction suggested by new ratings, according to data compiled by Bloomberg on 314 upgrades, downgrades and outlook changes going back to 1974.
Borrowing Costs
The yield on the Venezuelan government’s benchmark 9.25 percent dollar bonds due in 2027 fell 15 basis points, or 0.15 percentage point, to 12.62 percent at 4:29 p.m. in New York, according to data compiled by Bloomberg.
The notes have lost investors 13 percent this year, and yields soared to a two-year high of 13.8 percent on Dec. 3. Average borrowing costs for the country have jumped about 4 percentage points since Maduro was elected on April 14.
JPMorgan raised its recommendation on Venezuelan bonds yesterday to “tactical overweight” from neutral, adding that Maduro was strengthened by the result of the Dec. 8 election and that diminished political uncertainty and the lack of elections next year open a window for economic adjustments including devaluation of the bolivar and “some fiscal and monetary rationalization.”
Maduro will likely use powers he was granted Nov. 19 to pass economic laws by decree to increase the public sector’s participation in the economy, S&P said.
Coming Adjustments
“Even if the government attempts to take adjustment measures - such as a devaluation or fiscal adjustment - it may not be able to implement them effectively because of the difficult political environment as a result of still strong political opposition as well as disagreements within the government coalitions,” S&P said.
Maduro has pledged to lower prices for cars and commercial rent, warning business owners that he is “going all the way” after lawmakers gave him the power to rule by decree last month.
The government devalued the bolivar by 32 percent in February to an official rate of 6.3 per dollar as it sought to narrow the budget deficit by bolstering the local-currency proceeds it gets from each dollar of oil exports.
The bolivar has fallen 73 percent this year in black market trading to about 64 per dollar, according to dolartoday.com, a website that tracks the rate.
Annual inflation quickened to 54 percent in October, the fastest pace in 16 years. At the same time, the central bank’s scarcity index, which measures the amount of goods out of stock at any given time, rose to 22.4 percent as customers searched for milk, antibiotics and tires.
To contact the reporter on this story: Nathan Crooks in Caracas at [email protected]
By Nathan Crooks Dec 14, 2013 2:32 AM GMT+0100
Venezuela’s credit rating was cut by Standard & Poor’s on concern that “erratic” economic policies will boost the government’s dependence on oil revenue and weaken its ability to manage shocks as foreign reserves decline.
S&P lowered the rating one step to B-, six levels below investment grade and in line with Egypt, Jamaica and Pakistan, and gave it a negative outlook. Venezuela’s borrowing costs are the highest in the world among major emerging markets, with its dollar bonds yielding 11.12 percentage points more than Treasuries, according to JPMorgan Chase & Co. indexes.
President Nicolas Maduro, whose party won the most votes in a national election for mayors on Dec. 8, used troops to enforce price cuts in electronic stores ahead of the vote and temporarily seized an Irish-owned packaging plant last month, saying companies are overcharging consumers.
The South American country’s international reserves fell to $20.4 billion Dec. 10, the lowest level in nine years, while annual inflation exceeds 50 percent.
“We expect the results of the Dec. 8 municipal elections to reinforce the recent trend toward more government intervention in the economy, creating greater uncertainty,” S&P said in a statement today.
The ratings company last cut the South American country in June. S&P also cut its rating for PDVSA, the state oil company, to B- from B with a negative outlook. About half the time, government bond yields move in the opposite direction suggested by new ratings, according to data compiled by Bloomberg on 314 upgrades, downgrades and outlook changes going back to 1974.
Borrowing Costs
The yield on the Venezuelan government’s benchmark 9.25 percent dollar bonds due in 2027 fell 15 basis points, or 0.15 percentage point, to 12.62 percent at 4:29 p.m. in New York, according to data compiled by Bloomberg.
The notes have lost investors 13 percent this year, and yields soared to a two-year high of 13.8 percent on Dec. 3. Average borrowing costs for the country have jumped about 4 percentage points since Maduro was elected on April 14.
JPMorgan raised its recommendation on Venezuelan bonds yesterday to “tactical overweight” from neutral, adding that Maduro was strengthened by the result of the Dec. 8 election and that diminished political uncertainty and the lack of elections next year open a window for economic adjustments including devaluation of the bolivar and “some fiscal and monetary rationalization.”
Maduro will likely use powers he was granted Nov. 19 to pass economic laws by decree to increase the public sector’s participation in the economy, S&P said.
Coming Adjustments
“Even if the government attempts to take adjustment measures - such as a devaluation or fiscal adjustment - it may not be able to implement them effectively because of the difficult political environment as a result of still strong political opposition as well as disagreements within the government coalitions,” S&P said.
Maduro has pledged to lower prices for cars and commercial rent, warning business owners that he is “going all the way” after lawmakers gave him the power to rule by decree last month.
The government devalued the bolivar by 32 percent in February to an official rate of 6.3 per dollar as it sought to narrow the budget deficit by bolstering the local-currency proceeds it gets from each dollar of oil exports.
The bolivar has fallen 73 percent this year in black market trading to about 64 per dollar, according to dolartoday.com, a website that tracks the rate.
Annual inflation quickened to 54 percent in October, the fastest pace in 16 years. At the same time, the central bank’s scarcity index, which measures the amount of goods out of stock at any given time, rose to 22.4 percent as customers searched for milk, antibiotics and tires.
To contact the reporter on this story: Nathan Crooks in Caracas at [email protected]
Ultima modifica:
tommy271
Forumer storico
Si, hai ragione ... ho letto meglio ... anche PDVSA da B a B-, outlook negativo ...
Myskin
Forumer stoico
bene, magari ci sarà occasione per incrementare
fabriziof
Forumer storico
Myskin
Forumer stoico
tommy271
Forumer storico
Lo spero, ma dubito. Per un calo farei più affidamento al tapering.
Nella giornata di venerdì sono saliti ... se è vero che le autorità ricevono la comunicazione del downgrade almeno 24 ore, qualcuno doveva già saperlo.
tommy271
Forumer storico
Venezuela Average Oil Price for the Year Falls Below $100
Venezuela's Ministry of Energy and Petroleum reports that the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending December 13 rose for the fifth week in a row after 10 straight weeks of falls
CARACAS -- Venezuela's weekly oil basket stayed below the country's desired $100 a barrel floor, but rose 1% on positive U.S. economic data as well as a cold wave in the United States.
According to figures released by the Venezuela Ministry of Energy and Petroleum, the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending December 13 was $97.40, up $0.98 from the previous week's $96.42.
WTI in New York averaged $97.69 -- up $2.26 -- for the week, while Brent crude traded in London averaged $109.75 -- down $1.57 from the previous week.
"In a week characterized by volatility, oil prices were mainly driven by positive economic data in the US, the cold wave in the north hemisphere, and expectations over Libyan exports resuming," the Venezuelan oil ministry said.
According to Venezuelan government figures, the average price in 2013 for Venezuela's mix of heavy and medium crude is now $99.98 for the year to date. In 2012, Venezuela averaged $103.42, higher than 2011's $101.06, 2010's $72.43, and much higher than 2009’s average price of $57.01.
Benchmark WTI traded on the NYMEX averaged $94.23 for 2012 while Brent averaged $111.64 for the year. So far in 2013, WTI has averaged $97.95 while Brent has averaged $108.62. Prior to 2010, Brent and the heavier Venezuelan crude had historically traded below WTI.
Venezuela's basket set its highest weekly average on July 18, 2008, when it hit $126.46 before economies around the world began crashing under the weight of expensive oil and crashing sub-prime debt.
The United States is the largest importer of Venezuela’s oil exports.
According to the US Department of Energy, the US imported 728,000 barrels a day from Venezuela in July and averaged about 731,000 barrels a day for the year through July. In 2012, US oil imports from Venezuela averaged 906,000 barrels a day.
Oil is the main export of Venezuela and provides most of the country's foreign currency. According to Oil Minister and PDVSA head Rafael Ramirez -- who is now also the Economics Vice President -- the state oil company has delivered $34.290 billion to the Central Bank through September. Ramirez estimates that PDVSA will deliver a total $47.312 billion dollars to government coffers by the end of the year -- $1.232 billion more than in 2012.
The Joint Organizations Data Inititiative (JODI), overseen by the Riyadh, Saudi Arabia based International Energy Forum, reports that Venezuela's crude oil exports fell 12% to 1.38 million barrels a day in September.
Latin American Herald Tribune - Venezuela Average Oil Price for the Year Falls Below $100
Venezuela's Ministry of Energy and Petroleum reports that the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending December 13 rose for the fifth week in a row after 10 straight weeks of falls
CARACAS -- Venezuela's weekly oil basket stayed below the country's desired $100 a barrel floor, but rose 1% on positive U.S. economic data as well as a cold wave in the United States.
According to figures released by the Venezuela Ministry of Energy and Petroleum, the average price of Venezuelan crude sold by Petroleos de Venezuela S.A. (PDVSA) during the week ending December 13 was $97.40, up $0.98 from the previous week's $96.42.
WTI in New York averaged $97.69 -- up $2.26 -- for the week, while Brent crude traded in London averaged $109.75 -- down $1.57 from the previous week.
"In a week characterized by volatility, oil prices were mainly driven by positive economic data in the US, the cold wave in the north hemisphere, and expectations over Libyan exports resuming," the Venezuelan oil ministry said.
According to Venezuelan government figures, the average price in 2013 for Venezuela's mix of heavy and medium crude is now $99.98 for the year to date. In 2012, Venezuela averaged $103.42, higher than 2011's $101.06, 2010's $72.43, and much higher than 2009’s average price of $57.01.
Benchmark WTI traded on the NYMEX averaged $94.23 for 2012 while Brent averaged $111.64 for the year. So far in 2013, WTI has averaged $97.95 while Brent has averaged $108.62. Prior to 2010, Brent and the heavier Venezuelan crude had historically traded below WTI.
Venezuela's basket set its highest weekly average on July 18, 2008, when it hit $126.46 before economies around the world began crashing under the weight of expensive oil and crashing sub-prime debt.
The United States is the largest importer of Venezuela’s oil exports.
According to the US Department of Energy, the US imported 728,000 barrels a day from Venezuela in July and averaged about 731,000 barrels a day for the year through July. In 2012, US oil imports from Venezuela averaged 906,000 barrels a day.
Oil is the main export of Venezuela and provides most of the country's foreign currency. According to Oil Minister and PDVSA head Rafael Ramirez -- who is now also the Economics Vice President -- the state oil company has delivered $34.290 billion to the Central Bank through September. Ramirez estimates that PDVSA will deliver a total $47.312 billion dollars to government coffers by the end of the year -- $1.232 billion more than in 2012.
The Joint Organizations Data Inititiative (JODI), overseen by the Riyadh, Saudi Arabia based International Energy Forum, reports that Venezuela's crude oil exports fell 12% to 1.38 million barrels a day in September.
Latin American Herald Tribune - Venezuela Average Oil Price for the Year Falls Below $100
- Stato