Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 2
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eternoritorno
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SYDNEY/LONDON (Reuters) - JPMorgan has retained dollar-denominated debt issued by Venezuela and its state-run oil company PDVSA in a key emerging market bond index as part of its monthly rebalancing, according to two fund managers.
Investors have been concerned about the status of debt issued by Venezuela and its oil firm after Washington imposed sweeping sanctions earlier this year.
With the curbs, trade in Venezuelan debt has ground to a halt, leaving some investors concerned the price is not reflective of the assets’ true value and making it harder for passive funds to accurately reflect the indexes.
JPMorgan, which declined to comment on its monthly rebalancing, had sent out a survey to its clients ahead of the rebalancing asking more specific questions about Venezuela, Tina Vandersteel, Boston-based head of emerging country debt at Grantham Mayo Van Otterloo & Co, told Reuters.
I gave them was, per their index liquidity rules, while the sanctions prevailed, they should be removed,” Vandersteel said in an email.
Investment managers’ willingness to support the eviction of Venezuelan debt from the indexes is also influenced by the flexibility of their funds’ investment mandates.
A leading exchange-traded fund from BlackRock, the iShares JPMorgan USD Emerging Markets Bond ETF, for example, is allowed to invest up to 20 percent of its assets in securities not in the index, its prospectus showed.
Yet making changes to portfolios in reality is not easy.
“To actually exit the exposure is nearly impossible - especially for larger funds - as there is no trading,” said Uday Patnaik, Head of Emerging Market Debt at Legal & General Investment Management.
“Placing the country weight to 0 percent while freezing the price of the securities makes the most sense,” he added.
At the end of January, PDVSA had a weight of 0.53 in JPMorgan’s EMBI Global Diversified index while Venezuela Republic bonds were at 0.66, according to the index provider.
Reuters did not have access to February index weight data.
Venezuela - the country with the largest oil reserves in the world - has defaulted on most of its $63 billion of debt as it has spiraled into its worst-ever economic crisis. The International Monetary Fund has forecast inflation will hit 10 million percent this year.
Since the start of the year, bonds issued by Venezuela and PDVSA chalked up steady gains amid weeks of protests that saw pressure mount on President Nicolas Maduro.
However, trading in bonds ground to a halt after Washington imposed a swathe of sanctions, including a ban on U.S. investors from trading in the secondary market, other than divestment.
JPMorgan communicates any changes of index constituents to its clients on the last trading day of the month. The EMBI Global index includes $24.1 billion of dollar-denominated PDVSA debt, according to the index provider.
Investors have been concerned about the status of debt issued by Venezuela and its oil firm after Washington imposed sweeping sanctions earlier this year.
With the curbs, trade in Venezuelan debt has ground to a halt, leaving some investors concerned the price is not reflective of the assets’ true value and making it harder for passive funds to accurately reflect the indexes.
JPMorgan, which declined to comment on its monthly rebalancing, had sent out a survey to its clients ahead of the rebalancing asking more specific questions about Venezuela, Tina Vandersteel, Boston-based head of emerging country debt at Grantham Mayo Van Otterloo & Co, told Reuters.
I gave them was, per their index liquidity rules, while the sanctions prevailed, they should be removed,” Vandersteel said in an email.
Investment managers’ willingness to support the eviction of Venezuelan debt from the indexes is also influenced by the flexibility of their funds’ investment mandates.
A leading exchange-traded fund from BlackRock, the iShares JPMorgan USD Emerging Markets Bond ETF, for example, is allowed to invest up to 20 percent of its assets in securities not in the index, its prospectus showed.
Yet making changes to portfolios in reality is not easy.
“To actually exit the exposure is nearly impossible - especially for larger funds - as there is no trading,” said Uday Patnaik, Head of Emerging Market Debt at Legal & General Investment Management.
“Placing the country weight to 0 percent while freezing the price of the securities makes the most sense,” he added.
At the end of January, PDVSA had a weight of 0.53 in JPMorgan’s EMBI Global Diversified index while Venezuela Republic bonds were at 0.66, according to the index provider.
Reuters did not have access to February index weight data.
Venezuela - the country with the largest oil reserves in the world - has defaulted on most of its $63 billion of debt as it has spiraled into its worst-ever economic crisis. The International Monetary Fund has forecast inflation will hit 10 million percent this year.
Since the start of the year, bonds issued by Venezuela and PDVSA chalked up steady gains amid weeks of protests that saw pressure mount on President Nicolas Maduro.
However, trading in bonds ground to a halt after Washington imposed a swathe of sanctions, including a ban on U.S. investors from trading in the secondary market, other than divestment.
JPMorgan communicates any changes of index constituents to its clients on the last trading day of the month. The EMBI Global index includes $24.1 billion of dollar-denominated PDVSA debt, according to the index provider.
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Guaidó planea pagar intereses del bono Pdvsa 2020
Lo haría con el respaldo de Citgo. El impago generaría que los acreedores vayan contra la refinería en Estados Unidos
El pago sería de 71 millones de dólares en intereses por el bono Pdvsa 2020, que tiene como fecha de vencimiento el 27 de abril y el hecho de no transferir el dinero a los acreedores, traería como consecuencia que éstos aceleraran el paso para incautar las refinerías de Citgo (filial de Pdvsa) en Estados Unidos. Recordemos que la estatal venezolana en suelo estadunidense fue asumida por una junta nombrada por el presidente interino Juan Guaidó.
El equipo asesor que trabaja con Guaidó, se inclina por solicitar permiso al gobierno del presidente Donald Trump, para usar una cuenta de depósito en garantía para pagar esto intereses de un bono emitido por la petrolera con el respaldo de Citgo.
"Todas las obligaciones serán cumplidas ya que son clave para la protección de los bienes del estado", dijo José Ignacio Hernández, el recién nombrado Procurador General por guaidó, en una entrevista telefónica desde Boston a Bloomberg.
Esta cuenta de Citgo podría tener 560 millones de dólares, pero, para poder usar este dinero para el pago de intereses del bono Pdsvsa 2020, el equipo de Guaidó necesita solicitar permiso a la Oficina de Control de Activos Extranjeros (OFAC), del Departamento del Tesoro de Estados Unidos.
Lo haría con el respaldo de Citgo. El impago generaría que los acreedores vayan contra la refinería en Estados Unidos
El pago sería de 71 millones de dólares en intereses por el bono Pdvsa 2020, que tiene como fecha de vencimiento el 27 de abril y el hecho de no transferir el dinero a los acreedores, traería como consecuencia que éstos aceleraran el paso para incautar las refinerías de Citgo (filial de Pdvsa) en Estados Unidos. Recordemos que la estatal venezolana en suelo estadunidense fue asumida por una junta nombrada por el presidente interino Juan Guaidó.
El equipo asesor que trabaja con Guaidó, se inclina por solicitar permiso al gobierno del presidente Donald Trump, para usar una cuenta de depósito en garantía para pagar esto intereses de un bono emitido por la petrolera con el respaldo de Citgo.
"Todas las obligaciones serán cumplidas ya que son clave para la protección de los bienes del estado", dijo José Ignacio Hernández, el recién nombrado Procurador General por guaidó, en una entrevista telefónica desde Boston a Bloomberg.
Esta cuenta de Citgo podría tener 560 millones de dólares, pero, para poder usar este dinero para el pago de intereses del bono Pdsvsa 2020, el equipo de Guaidó necesita solicitar permiso a la Oficina de Control de Activos Extranjeros (OFAC), del Departamento del Tesoro de Estados Unidos.