Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 2

[junior63]

Trump vuelve a apuntar al crudo venezolano, lo que pudiera disparar el precio de la gasolina

 

[Eterea]

Trump vuelve a apuntar al crudo venezolano, lo que pudiera disparar el precio de la gasolina

Gli stessi meravigliosi piani che avrebbero salvato l'Iraq ,la Libia all'Iran l' Afghanistan. Chi può credere in pensieri così distorti. Chi crederà che lo facciano per il bene dei venezuelani.
Satrapi !! Scribi e Farisei!

Scusate, ero così arrabbiato con l'ipocrisia !!!!!!!!

 

[junior63]

El éxodo venezolano se acerca a un momento de crisis, dice agencia de la ONU
Redacción de Reuters


GINEBRA (Reuters) - El éxodo de migrantes desde Venezuela se está acercando a un momento comparable con la crisis de los refugiados en el Mediterráneo, dijo el viernes la agencia de migraciones de Naciones Unidas.

Cada vez más personas están huyendo del bajón económico y los problemas políticos en Venezuela, amenazando con abrumar a los países vecinos. Representantes de los gobiernos de Colombia, Ecuador y Perú se reunirán la semana próxima en Bogotá para buscar una salida a la crisis.[nL2N1VE1LE]

En Caracas el ministro de Comunicación, Jorge Rodríguez, dijo que los venezolanos que han salido retornarán al país al ver los efectos positivos de un recién anunciado paquete de medidas económicas.[nL1N1V900L] [nL2N1VC078]

“Las venezolanas y los venezolanos que se quieran venir, bienvenidos, son necesarias y son necesarios, vénganse, los necesitamos y ya verán como en relativo corto tiempo se van a notar con mucha fuerza las consecuencias de este programa” económico, dijo Rodríguez a periodistas en la Casa de Gobierno.

El ministro no comentó el origen de la migración venezolana y sólo agregó que en el Gobierno han notado “muestras de xenofobia (...) en algunas poblaciones en Colombia y en algunos medios de comunicación de Colombia y en Brasil”.

Ecuador y Perú han dificultado el ingreso de los venezolanos con la exigencia de pasaportes válidos, en lugar de sólo documentos nacionales. Mientras en Brasil, manifestantes hicieron que cientos de inmigrantes se devolvieran hacia la frontera.

El portavoz de la Organización Internacional para las Migraciones (OIM), Joel Millman, dijo los eventos son señales tempranas de alerta y que deben movilizarse fondos y medios para atender las salidas de venezolanos.

“Esto está acercándose a un momento de crisis que hemos visto en otras partes del mundo, particularmente en el Mediterráneo”, dijo Millman en una rueda de prensa.

El jueves, la OIM y ACNUR, la agencia de refugiados de la ONU, pidieron a países latinoamericanos aliviar la entrada de venezolanos. Más de 1,6 millones han dejado el país desde 2015. [nL2N1VE06V]

En Perú, el Superintendente de Migraciones, Eduardo Sevilla, dijo que el gobierno eximirá a algunos venezolanos del requisito de pasaporte, incluidos los padres con hijos que buscan reunirse son sus familia, mujeres embarazadas y personas muy enfermas.

Sin embargo, Sevilla dijo que las autoridades también estarán atentas a los intentos de algunos de evadir las nuevas normas reclamando un estado de refugiado.

“¿ACNUR se va a ser responsable si esa persona comete un delito penal? (...) Es nuestra prioridad absoluta contribuir a la seguridad del Estado y al orden interno, identificando plenamente a las personas”, agregó.

El portavoz de ACNUR, Andrej Mahecic, dijo el viernes que los gobiernos habían hecho esfuerzos “admirables”, pese a que las capacidades de recepción y servicios están sobrepasadas.

Pero “algunas imágenes preocupantes” aparecieron en la región en la última semana. “Esa creciente estigmatización de aquellos que se ven forzados a huir también pone en riesgo los esfuerzos para su integración”, afirmó Mahecic.

 

[junior63]

Entrevista con Iván Duque: "Si la dictadura de Venezuela no termina, la migración no se detiene"

 

[Ventodivino]

JPM di ieri


Crystallex obtains the writ to attach PDVH shares. Today, Judge Stark from the District Court of Delaware has ordered the court clerk to issue a praecipe to Crystallex, which allows the U.S. Marshal Services to issue the writ of attachment on PDV Holding (PDVH) shares. The execution of the attachment of property is stayed until further order. In the court order, PDVSA is allowed to post a supersedeas bond (or seek other appropriate relief) to achieve a stay on the sale of PDVH shares. We note that with this order, PDVSA has not lost the right to appeal –a process that was initiated by PDVSA last Friday in the Third Circuit. The order follows Judge Stark’s Aug 9 ruling that PDVSA was Venezuela’s legal “alter ego,” thereby allowing Crystallex to satisfy its $1.2bn arbitration judgment against the Republic of Venezuela by attaching shares of the Delaware-based PDV Holding, in turn the 100% owner of Citgo Holding (see our note Crystallex wins on alter ego, PDVSA appeals).
 The Delaware district court acknowledged the interest of third parties in this process. After receiving unsolicited letters in recent days from Citgo and Rosneft, the court allowed any interested party to file motions before the court issues the order of sale. The court requested such motions within 7 days, with responses filed 14 days after and replies to any responses 7 days thereafter. Presumably, PDVSA 2020s holders, as well as Rosneft, will seek to provide the relevant information that demonstrates their first-priority security interest in the shares of Citgo Holding Inc. Indeed, in its August 22 letter Rosneft stated that it “possesses a perfected, first-priority security interest in 49.9% of the shares of CITGO Holding, Inc., and the holders of PDVSA bonds maturing in 2020 possess a perfected, first-priority security interest in the remaining 50.1% of the shares. Thus, the core asset that would be sold as part of any potential sale of PDVH is 100% encumbered.”
 PDVSA faces an important decision in pledging a supersedeas bond or filing for Chapter 11. As outlined above, PDVSA could only obtain a stay on the sale of the shares by pledging a supersedeas bond or any other acceptable asset with a value of $1.4 billion (we wonder if the PDVH shares themselves could be posted as the bond). On the contrary, PDVSA could protect its ownership in PDVH by filing Chapter 11 protection in the U.S., a scenario discussed by Cleary in this report. However, such an option, while being more orderly for the numerous creditors, would seemingly guarantee that PDVSA would surrender its ownership of Citgo, a scenario we still think it prefers to avoid, even against mounting odds.
Conoco reaches a settlement agreement with PDVSA on the $2 bn arbitration award. In our last report, we noted that the ConocoPhillips case was one to keep an eye on, since its $2bn arbitration award was a direct claim on PDVSA and thus not subject to alter-ego considerations. We also noted that settlement discussions were in the works. Indeed, on August 20, Conoco announced that it had entered into a settlement agreement with PDVSA including an approximate $500mn initial payment due 90 days after signing, with the $1.5bn balance to be paid quarterly over 4.5 years. Conoco’s formal statement also noted that “the settlement meets all appropriate U.S. regulatory requirements, including any applicable sanctions imposed by the U.S. against Venezuela,” while noting that other details of the settlement would be confidential.  PDVSA accepted the service of the SDNY summons, and the court granted a final judgment to Conoco. Recall that aside from its successful attachment of assets in the Dutch Caribbean, Conoco had also initiated the process of seeking a judgment in the US at the Southern District of New York, but it was facing a relatively cumbersome process to serve PDVSA as per the guidelines of the US Foreign Sovereign Immunity Act (FSIA). Subsequent to the announcement of the settlement, on August 22 lawyers for PDVSA acknowledged and accepted the service of the SDNY’s summons, while consenting to its jurisdiction, including waiving any available legal options related to the FSIA.
 The SDNY in turn wasted no time, and on August 22 rendered the full $2bn judgment in favor of Conoco. We presume that these actions, while not mentioned in the press statement, were part and parcel of the settlement agreement reached between the parties. Indeed, while Conoco in the aforementioned statement “agreed to suspend its legal enforcement actions of the ICC award, including in the Dutch Caribbean,” in our view attainment of the SDNY judgment should allow Conoco to almost immediately ratchet up the legal pressure against PDVSA in the future if the latter fails to comply with the payment terms of the settlement.  The Conoco final judgment may trigger an event of default on PDVSA 2020 notes. As for the PDVSA 2020 bondholders, the SDNY judgment leads us to contemplate another interesting wrinkle, since the bond has as an Event of Default the following clause related to PDVSA (as the Issuer): “one or more judgments in an aggregate amount in excess of U.S. $100 million shall have been rendered against the Issuer or any of its Significant Subsidiaries and such judgments remain 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”
 Satisfied? While logic would hold that the settlement between PDVSA and Conoco somehow means the judgment is effectively (conditionally) satisfied, in the absence of a detailed understanding of the settlement agreement between Conoco and PDVSA, the judgment itself may provide
some additional legal options for the PDVSA 2020 bondholders to explore, even while PDVSA is current on payments for now

 

[Miqui]

hello

JPM di ieri


Crystallex obtains the writ to attach PDVH shares. Today, Judge Stark from the District Court of Delaware has ordered the court clerk to issue a praecipe to Crystallex, which allows the U.S. Marshal Services to issue the writ of attachment on PDV Holding (PDVH) shares. The execution of the attachment of property is stayed until further order. In the court order, PDVSA is allowed to post a supersedeas bond (or seek other appropriate relief) to achieve a stay on the sale of PDVH shares. We note that with this order, PDVSA has not lost the right to appeal –a process that was initiated by PDVSA last Friday in the Third Circuit. The order follows Judge Stark’s Aug 9 ruling that PDVSA was Venezuela’s legal “alter ego,” thereby allowing Crystallex to satisfy its $1.2bn arbitration judgment against the Republic of Venezuela by attaching shares of the Delaware-based PDV Holding, in turn the 100% owner of Citgo Holding (see our note Crystallex wins on alter ego, PDVSA appeals).
 The Delaware district court acknowledged the interest of third parties in this process. After receiving unsolicited letters in recent days from Citgo and Rosneft, the court allowed any interested party to file motions before the court issues the order of sale. The court requested such motions within 7 days, with responses filed 14 days after and replies to any responses 7 days thereafter. Presumably, PDVSA 2020s holders, as well as Rosneft, will seek to provide the relevant information that demonstrates their first-priority security interest in the shares of Citgo Holding Inc. Indeed, in its August 22 letter Rosneft stated that it “possesses a perfected, first-priority security interest in 49.9% of the shares of CITGO Holding, Inc., and the holders of PDVSA bonds maturing in 2020 possess a perfected, first-priority security interest in the remaining 50.1% of the shares. Thus, the core asset that would be sold as part of any potential sale of PDVH is 100% encumbered.”
 PDVSA faces an important decision in pledging a supersedeas bond or filing for Chapter 11. As outlined above, PDVSA could only obtain a stay on the sale of the shares by pledging a supersedeas bond or any other acceptable asset with a value of $1.4 billion (we wonder if the PDVH shares themselves could be posted as the bond). On the contrary, PDVSA could protect its ownership in PDVH by filing Chapter 11 protection in the U.S., a scenario discussed by Cleary in this report. However, such an option, while being more orderly for the numerous creditors, would seemingly guarantee that PDVSA would surrender its ownership of Citgo, a scenario we still think it prefers to avoid, even against mounting odds.
Conoco reaches a settlement agreement with PDVSA on the $2 bn arbitration award. In our last report, we noted that the ConocoPhillips case was one to keep an eye on, since its $2bn arbitration award was a direct claim on PDVSA and thus not subject to alter-ego considerations. We also noted that settlement discussions were in the works. Indeed, on August 20, Conoco announced that it had entered into a settlement agreement with PDVSA including an approximate $500mn initial payment due 90 days after signing, with the $1.5bn balance to be paid quarterly over 4.5 years. Conoco’s formal statement also noted that “the settlement meets all appropriate U.S. regulatory requirements, including any applicable sanctions imposed by the U.S. against Venezuela,” while noting that other details of the settlement would be confidential.  PDVSA accepted the service of the SDNY summons, and the court granted a final judgment to Conoco. Recall that aside from its successful attachment of assets in the Dutch Caribbean, Conoco had also initiated the process of seeking a judgment in the US at the Southern District of New York, but it was facing a relatively cumbersome process to serve PDVSA as per the guidelines of the US Foreign Sovereign Immunity Act (FSIA). Subsequent to the announcement of the settlement, on August 22 lawyers for PDVSA acknowledged and accepted the service of the SDNY’s summons, while consenting to its jurisdiction, including waiving any available legal options related to the FSIA.
 The SDNY in turn wasted no time, and on August 22 rendered the full $2bn judgment in favor of Conoco. We presume that these actions, while not mentioned in the press statement, were part and parcel of the settlement agreement reached between the parties. Indeed, while Conoco in the aforementioned statement “agreed to suspend its legal enforcement actions of the ICC award, including in the Dutch Caribbean,” in our view attainment of the SDNY judgment should allow Conoco to almost immediately ratchet up the legal pressure against PDVSA in the future if the latter fails to comply with the payment terms of the settlement.  The Conoco final judgment may trigger an event of default on PDVSA 2020 notes. As for the PDVSA 2020 bondholders, the SDNY judgment leads us to contemplate another interesting wrinkle, since the bond has as an Event of Default the following clause related to PDVSA (as the Issuer): “one or more judgments in an aggregate amount in excess of U.S. $100 million shall have been rendered against the Issuer or any of its Significant Subsidiaries and such judgments remain 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”
 Satisfied? While logic would hold that the settlement between PDVSA and Conoco somehow means the judgment is effectively (conditionally) satisfied, in the absence of a detailed understanding of the settlement agreement between Conoco and PDVSA, the judgment itself may provide
some additional legal options for the PDVSA 2020 bondholders to explore, even while PDVSA is current on payments for now

sotto i 15 un pdvsa lo compreresti?

 

[Ventodivino]

sotto i 15 un pdvsa lo compreresti?

Ciao,
di là Carib ha postato uno stralcio molto interessante di un report (che forse giustifica anche una sua mossa operativa di un paio di giorni prima) di DB dove si dice sostanzialmente che secondo loro , in caso di ristrutturazione, per PDVSA e Bonos, ragionevolmente, vi sono le stesse identiche speranze di recovery (e conseguentemente consigliano lo switch)

Nel mio piccolo la penso diversamente ho sempre ritenuto (ma sono pronto a cambiare idea in 15 secondi se mi convinco) la recovery di PSVSA compresa tra zero e 100 (con distribuzione non omogenea delle probabilità), mentre quella dei bonos (scontando il rischio "iracheno" ) compresa tra 20 e 50.
Sintesi : lascio PDVSA ai cuori temerari a prescindere dal prezzo , visto che ci sono già i bonos a offrire, se ci si crede, ampie possibilità di guadagno.

 

[Myskin]

qualche storico di nome rileverebbe come ogni embargo, ogni limitazione alla libertà, ogni sanzione, ecc...siano fondamentalmente atti di guerra a prescindere dalle giustificazioni dei popoli che si auto-definiscono civili.
Vero che in guerra si fanno grossi affari ma di certo i vostri bonds sono l'ultimo dei pensieri dell'ultimo ostinato rentiers venezuelano. Su quello che considero il debito vecchio non mi faccio illusioni di recupero. A guerra finita si vedrà il da farsi, kamikaze che ritornano eroi ne ho sempre visto pochi

 

[newport]

intanbto arrivano messaggi in stile mafioso dalla white house :

DONALD TRUMP: fatemi un impeachment e vi distruggerò i mercati! | IntermarketAndMore

 

[GiveMeLeverage]

Ciao,
di là Carib ha postato uno stralcio molto interessante di un report (che forse giustifica anche una sua mossa operativa di un paio di giorni prima) di DB dove si dice sostanzialmente che secondo loro , in caso di ristrutturazione, per PDVSA e Bonos, ragionevolmente, vi sono le stesse identiche speranze di recovery (e conseguentemente consigliano lo switch)

DB:
what this “alter ego” thing has to do with the RV between PDVSA and Republic bonds? For the record, we have been of the view that the two entities should recover the same. Following the August 9 ruling, we heard argument that this should be positive for Republic and negative for PDVSA, because now Republic bondholders have PDVSA assets to attach, while PDVSA bondholders would see their claims diluted. We see it differently. To us, “Alter Ego”, if affirmed and applied to other cases, would only enhance the notion that the Republic and PDVSA are one and the same, and the two entities should be consolidated in a potential restructuring – the most practical way to conducting the workout and an approach favored by a number of active legal experts on the underlying topic. What about the argument that Republic should recover to a greater degree because oil resources ultimately belong to the sovereign, not PDVSA? Wouldn’t that argument be much diluted if “alter ego” is established? We therefore retain our view that the two entities will recover the same. To that end, we continue to see the gap between PDVSA bonds and Republic bonds, especially at the lower coupon sector, as too large. We retain our recommendation of switching from VENZ 20s to PDV26s (entry: 6pts; current: 5pts; target: parity).
Bond Venezuela e PDVSA: cedole di Madur perdute (vol. 134) - Pagina 43

Anche Millstein era fortemente favorevole ad un trattamento omogeneo del debito sovreign e del corporate (addirittura includeva Elecar).
Non so quanto le sue convinzioni coincidano con quelle di chi l'ha scelto come rappresentante e adviser, ma immagino non siano diametralmente opposte...

Nel mio piccolo la penso diversamente ho sempre ritenuto (ma sono pronto a cambiare idea in 15 secondi se mi convinco) la recovery di PSVSA compresa tra zero e 100 (con distribuzione non omogenea delle probabilità), mentre quella dei bonos (scontando il rischio "iracheno" ) compresa tra 20 e 50.
Sintesi : lascio PDVSA ai cuori temerari a prescindere dal prezzo , visto che ci sono già i bonos a offrire, se ci si crede, ampie possibilità di guadagno.

Certo sulla "recovery di PDVSA compresa tra zero e 100" è difficile dissentire.