Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 1

[tommy271]

Bonos de Venezuela caen tras nueva emisión de Pdvsa


[FONT=&quot] Los títulos soberanos culminaron con una caída promedio de 0,65 puntos

[/FONT]
14/05/2014 06:23:00 p.m. | Emen.- La deuda externa venezolana se mantiene en terreno negativo en el cierre de la jornada de este miércoles, luego del anuncio de una nueva emisión por un monto de $5 millardos por parte de la petrolera estatal con vencimiento en el 2024.

Los bonos soberanos culminan con una caída promedio de 0,65 puntos. En la parte media y larga de la curva se evidenciaron retrocesos que superaron un punto, siendo ejemplo de ello el Soberano 2022, Soberano 2025, Soberano 2028 y Soberano 2034.

Operadores del mercado interpretan esta noticia de diversas formas a pesar de que representa un mayor endeudamiento, le genera liquidez a la empresa para cumplir sus compromisos de pago y/o financiar proyectos de inversión, así como alimentar el sistema cambiario de divisas ( SICAD II).

En la parte corta de la curva de Pdvsa los bonos mostraron poca variación en sus precios, mientras que en el mediano plazo el Pdvsa 2022 retrocede cotizándose actualmente en 95%.

Así mismo, el Pdvsa 2026 culmina con una caída de 0,70 puntos, tocando nuevamente niveles de 58,40%, similares a los de mediados de abril.

***
I titoli a breve flettono meno .
​

 

[tommy271]

Reporte de cierre bonos venezolanos 14-05-14





* La deuda externa venezolana se mantiene en terreno negativo en el cierre de la jornada de hoy, luego del anuncio de una nueva emisión por un monto de 5 millardos de dólares por parte de la petrolera estatal con vencimiento en el 2024.


* Los bonos soberanos culminan con una caída promedio de 0,65 puntos. En la parte media y larga de la curva se evidenciaron retrocesos que superaron un punto, siendo ejemplo de ello el Venz 2022, Venz 2025, Venz 2028 y Venz 2034.


* Operadores del mercado interpretan esta noticia de diversas formas a pesar de que representa un mayor endeudamiento, le genera liquidez a la empresa para cumplir sus compromisos de pago.


* En la parte corta de la curva de Pdvsa los bonos mostraron poca variación en sus precios, mientras que en el mediano plazo el Pdvsa 2022 retrocede cotizándose actualmente en 95%. Así mismo, el Pdvsa 2026 culmina con una caída de 0,70 puntos, tocando nuevamente niveles de 58,40%, similares a los de mediados de abril.




* El informe de la Administración de Información de Energía (EIA por sus siglas en inglés) publicado hoy reflejó un aumento inesperado en los inventarios de crudo en EE.UU. durante la semana pasada. El West Texas Intermediate (WTI) subió 0,32% respecto ayer, al igual que el crudo Brent de Londres el cual sube 0,77%.


* Tras datos favorables dados a conocer hoy de la economía norteamericana, el rendimiento de la Nota del Tesoro Americano a 10 años retrocede seis puntos básicos, ubicándose actualmente en 2,52% nivel similar al de noviembre de 2013.


* Mercado bursátil norteamericano finaliza con tendencia a la baja, evidenciándose durante la jornada ventas de las acciones de empresas de pequeña capitalización, luego de que los principales indicadores tocaron ayer niveles máximos en el año.


* Bolsa europea culmina con tendencia mixta en sus principales índices: Euro Stoxx (-0,04%), DAX cierra en 9.754,39 puntos, el FTSE 100 de Londres (+0,08%,) y las acciones europeas reflejaron una ligera recuperación de 0,25% en su índice referencial IBEX 35.

 

[tommy271]

Venezuela’s PDVSA to Sell Up to $5 Billion in Bonds

By Anatoly Kurmanaev, Corina Pons and Nathan Crooks May 14, 2014 10:12 PM GMT+0200






Venezuela’s state-controlled oil company will sell dollar bonds for the first time in six months as the government seeks foreign currency to end shortages of imported goods.

Petroleos de Venezuela SA said today it will sell to state banks as much as $5 billion of securities due in 2024 with an interest rate of 6 percent. The banks will probably sell the notes to importers, who will then raise dollars by selling them to overseas investors, according to Tamara Herrera, the chief economist at financial research firm Sintesis Financiera.

The bond issue comes after shortages of everything from car parts to pregnancy tests spurred three months of protests against the government of President Nicolas Maduro, leaving 42 people dead. Currency controls imposed under the late President Hugo Chavez have left importers unable to access foreign currency they can use to buy goods overseas.

“We’ll see a more ample supply of dollars from state banks in the coming months,” Asdrubal Oliveros, director of Caracas-based Ecoanalitica, said today in a telephone interview.

In a bid to increase the supply of U.S. currency, Venezuela allowed its bolivar in March to plunge 88 percent on a new market known as Sicad II. State banks are allowed to sell dollar-denominated bonds under the system to companies and individuals, who can then obtain hard currency by turning to the secondary bond market.


Official Rate


PDVSA, as the oil company is known, will sell the bonds at the Sicad II rate of about 50 bolivars per dollar, compared with the official rate of 6.3, according to Herrera.

“This issue will undoubtedly improve PDVSA’s financial standing by allowing it to obtain more bolivars for its dollars,” Herrera said by telephone from Caracas today.

PDVSA may use a portion of the new bond sale to pay commercial debt to providers, Oliveros said.

Venezuela seems to be prioritizing the payment of external creditors over the functioning of the economy, Daniel Volberg, a New York-based economist at Morgan Stanley, said in a May 9 research note to clients. The country’s commercial debt to importers has risen to as much as $13 billion from $9 billion at the start of the year, he wrote.

“Sicad II is helping alleviate the dollar shortage, at least on the margin,” he said. “However, using long-term debt to import consumption goods may not be a sustainable strategy.”

Rafael Ramirez, economy vice president and president of PDVSA, said on May 13 that the government was planning to pay 30 percent of its debt to private companies.


‘Very Fast’


“The government is in default with everyone except bondholders,” Jorge Piedrahita, the chief executive officer at brokerage Torino Capital LLC, said in a phone interview from New York. “We think this issuance will go very fast and won’t be enough to solve the dollar shortage, although the scarcity index will likely fall.”

PDVSA must make payments this year of $4.3 billion on bond principal and interest, while the government is scheduled to pay $3.3 billion, according to data compiled by Bloomberg.

PDVSA’s benchmark notes due in 2017 fell 0.42 cent today to 90.09 cents on the dollar as of 4:01 p.m. in New York. Yields on the securities have fallen 1.9 percentage points since the start of Sicad II on March 24 to 12.09 percent today.


Average Return


Venezuelan dollar bonds have returned 12 percent this year, compared with an average return of 7.3 percent for high-yield emerging-market countries tracked by JPMorgan Chase & Co.’s EMBIG Diversified index.

The new issue will be available to overseas investors in accordance with SEC Regulation S and Rule 144A, PDVSA said. The company last sold new dollar bonds in November.

PDVSA said in the statement that proceeds from the bond sale will be used to finance corporate and social investments.

“We had been expecting PDVSA to sell $6 billion this year,” Alejandro Arreaza, an analyst at Barclays Plc in New York, said by phone today. “It’s possible that they will still sell more this year.”



To contact the reporters on this story: Anatoly Kurmanaev in Caracas at [email protected]; Corina Pons in Caracas at [email protected]; Nathan Crooks in Caracas at [email protected]

To contact the editors responsible for this story: Brendan Walsh at [email protected] Rita Nazareth, Dennis Fitzgerald

 

[tommy271]

Questa mattina calo accentuato su tutti i bond venezuelanos.
I mercati tedeschi si adeguano ...

 

[tommy271]

PDVSA sells four fuel oil cargoes to PetroChina for May, June: source


Houston (Platts)--14May2014/451 pm EDT/2051 GMT





Venezuela's PDVSA sold three cargoes of intermediate fuel oil with 380 CST and one 3% sulfur fuel oil cargo to PetroChina for May and June, a source familiar with PDVSA's operations said Wednesday.

The first intermediate fuel oil cargo has a loading window of May 12-14 and has a destination of China. The second cargo is loading May 18-20, the third May 31-June 2, both being delivered to Singapore.

The 3%S fuel oil cargo is scheduled to load May 27-29 and is also being delivered to Singapore, the source said.

PetroChina traditionally buys several million barrels of 3%S fuel oil from PDVSA taken to Singapore or China, sources said.

All the cargoes are 2 million barrels and are loading at the Venezuelan port of Bonaire and Freeport in the Bahamas, the source said.

Two of the intermediate fuel oil cargoes will load in Bonaire; the other cargoes will load in Freeport.

PDVSA in March exported five cargoes of intermediate fuel oil with 380 CST, four to Singapore and one to China, a previous program said. One 3%S fuel oil cargo was delivered to Singapore, the program said.

Window Vessel Product Destination May 12-14 TBN IFO-380 CST China May 18-20 TBN IFO-380 CST Singapore May 27-29 TBN FO-3%S Singapore May 31-June 2 TBN IFO-380 CST Singapore

 

[tommy271]

Qualche prezzo a Francoforte ...

VENEZ. 14 bid/ask 99,70 - 100,10

VENEZ. 27 bid/ask 79,31 - 80,31

VENEZ. 31 bid/ask 89,88 - 91,13



PDVSA 14 bid/ask 97,70 - 98,45

PDVSA 17 bid/ask 80,85 - 82,25

PDVSA 22 bid/ask 95,60 - 96,40

PDVSA 27 bid/ask 56,20 - 57,85

 

[iguanito]

Questa mattina calo accentuato su tutti i bond venezuelanos.
I mercati tedeschi si adeguano ...

Tommy come vedi la 2037? Quota sui 54.

 

[tommy271]

Tommy come vedi la 2037? Quota sui 54.

Come le altre ... ci sono cedimenti sulla curva media e lunga delle scadenze.
Credo ad una normale correzione dai max ... sovrapposta all'uscita del bond di PDVSA che aumenta l'indebitamento (ma con rendimenti alla metà del tasso offerto sul secondario).

Non penso a dei "crolli" ... per intenderci.

 

[Jackrussel]

Io tengo sia Pdvsa27 sia Ele,rendono bene se scendono meglio,si compra a sconto.
Peccato questa discesina dei soberanos,col petrolio sopra 102 forse si sfondavano i 60 sulla 27

Sui Soberanos in caso entro sul 27 sul tlx,almeno trado in diretta

Abbiamo la stessa visione... e gli stessi titoli...anch'io tengo ele e pdvsa, però per ora non ne ricompro.
E anch'io attendo il 27 sul tlx, che non dà problemi di scambi..

 

[tommy271]

Buy 10K Venez. 31 a 90,50.