Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 1 (9 lettori)
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frmaoro
il Fankazzista
vediamo come va partita difficile ma ad alto rendimento l'importante è non esagerare negli acquisti ci vuole disciplinae vai sei entrato nel gruppo degli incassa cedole..con piu' si e' con meglio si sta..
Ventodivino
מגן ולא יראה
Pending arbitration cases could impact PDVSA bond holders. On August 14, Crystallex ($1.2 bn ICSID award with a Canadian court order to pay) decided to file an attachment request in the US District Court in Delaware on the shares of PDV Holding Inc, a subsidiary of PDVSA S.A. formed in Delaware and U.S. parent of CITGO Holding Inc. Whether Crystallex can seize the shares of PDV Holding would depend on the probe that PDVSA is the alter ego of Venezuela. Even though this process will take time to reach a resolution, the potential attachment of the shares could trigger a change of control in CITGO’s existing debt. In a separate case and potentially more damaging for PDVSA bonds, Conoco Philips has a process against PDVSA related to the expropriation of Petrozuata at the ICC arbitration court. We understand the arbitrations are fully briefed and the arbitration liability and quantum could be defined at any point in time (originally expected by December 2016). In our view, this case could present a risk to bondholders as the claim is to PDVSA and no alter ego would need to be proved. We highlight that PDVSA has a judgement default threshold of $100 million that would be triggered if the “judgment remains undischarged, unpaid or, unstayed, unbonded or not suspended by agreement for a period of 60 days after such judgment or judgments become final and non-appealable.”
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Jsvmax79
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