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

[giub]

Bond tourism..
Venezuela y Grecia acuerdan nuevas estrategias turísticas
Durante la reunión se acordó abrir el mercado venezolano turistas griegos que tengan como destino América Latina.

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08 de noviembre de 2017 15:45 PM

Actualizado el 08 de noviembre de 2017 16:06 PM

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Venezuela y Grecia acuerdan nuevas estrategias turísticas

Caracas.- Los ministros de Turismo de Grecia y Venezuela, Élena Kunturá y Marleny Contreras sostuvieron una reunión este miercoles con el objetivo de evaluar estrategias que contribuyan al incremento del turismo receptivo entre ambas naciones, esto en el marco de la World Travel Market (WTM) en Londres, Inglaterra.


¿Tienes algo que decir?


Inicia la conversación y sé el primero en comentar.

El Gobierno Nacional previamente desarrollo acuerdos en materia de turismo con Turquía a lo que Kunturá manifestó su intención de crear una conexión de vuelo con Turkish Airlines por su cercanía a su país. También compartió experiencias de la actividad turística basada en un desarrollo económico y de inclusión social.

La ministra Contreras aseguró que Venezuela continúa posicionando sus bondades y atractivos turísticos en el mundo y dijo sentirse complacida con su homóloga de la República de Grecia, con quien pretende articular acciones que permitan el impulso del turismo como dinamizador de la economía de ambas naciones, uno de los objetivos del ejecutivo.

Durante el encuentro, Venezuela y Grecia coincidieron en seguir los lineamientos y pautas de la WTM y al mismo tiempo, acordaron abrir el mercado venezolano a turistas griegos que tengan como destinos a países de América Latina, según reseña en nota de prensa el Ministerio de Turismo.

La delegación venezolana ha extendido la invitación a importantes operadores y autoridades del sector turismo presentes en el encuentro en Londres a participar en la Feria Internacional de Turismo de Venezuela (FitVen) 2017, que se realizará en la Isla de Margarita del 23 al 26 de noviembre de 2017.

 

[giub]

quindi alla fine di questa giornata ancora non si sa se sia "credit event" oppure no ?
ma quanto ci vuole ?

non si sa..ci stanno pensando su...il twit di scatter dice che "consultan a regulador @ISDA si la petrolera ha caído en incumplimiento de pago".
Ma questa cosa del pagamento a pois poi....che roba...

 

[fabriziof]

(Bloomberg) -- Investors weighing whether to meet with Venezuelan officials in Caracas next week to discuss a restructuring of the nation’s debt can proceed provided they do so with extreme caution, according to the U.S. Treasury Department.

A spokesman for the Treasury, which has lobbed a series of sanctions against the South American country, said there are no restrictions on U.S. investors attending the Nov. 13 meeting in Caracas because it pertains to securities that aren’t covered by existing measures. But due to the expected participation of sanctioned individuals, including Vice President Tareck El Aissami, who’s leading the talks, and acting Finance Minister Simon Zerpa, bondholders must not engage in any transactions or dealings with them.

That means investors can’t enter into any contracts signed by those individuals, negotiate with them, provide them any services, or process any transaction, directly or indirectly, on their behalf.

andiamo bene...

 

[giub]

In inglese.

Venezuela's PDVSA pays majority of 2017N bond: sources

CARACAS/NEW YORK (Reuters) - Venezuelan state oil company PDVSA has transferred most of the funds to make the delayed final payment on its 2017N bond, market sources said on Wednesday, as investors asked financial industry group ISDA if the delay constituted a credit event.


President Nicolas Maduro said last week that the bond would be paid in full, but added that all future sovereign and PDVSA debt payments would be restructured and refinanced.

Although Maduro said future debt would be honored, investors nonetheless interpreted his comments as an indication his government was preparing to default.

PDVSA [PDVSA.UL] has broken the 2017N payment into separate portions, the sources said, asking not to be identified.

They added that it was not immediately evident when bondholders would receive the funds or which bank was the recipient bank for the funds.

The International Swaps and Derivatives Association (ISDA) posted a question from creditors on its website, seeking to determine if a “credit event” had taken place with respect to the bond.

If ISDA ultimately determines that it has, it would trigger payment on Credit Default Swaps - a form of insurance against default often described as CDS - taken out on PDVSA bonds.

ISDA’s Determination Committee first votes on whether or not to accept the question and then votes on the answer, according to an ISDA spokeswoman.

PDVSA did not immediately respond to an email seeking comment.

The full payment of $1.169 billion, which includes $1.121 billion in principal and $47 million in interest, was due on Nov. 2. Since October, Venezuela and PDVSA have been skipping interest payments, invoking a 30-day grace period in an apparent effort to ease a cash crunch that has left the country desperately short of basic goods such as food and medicines.

Venezuela and PDVSA bonds were down slightly on Wednesday, having pared losses from the morning.

Venezuela’s 2018N bond VENGLB18N=RR was down 0.500 points to a bid price of 31.000 and a yield of 164.58, while PDVSA’s 2022 bond VE059352415= was down 1.100 points to bid 26.900.

 

[alderan74]

Per chi si è registrato sul sito Venezuelano.
Ma nella mail inviata per richiedere le credenziali cosa avete scritto?

che sei un bond holder e vuoi sapere se pagano io ho scritto circa cosi in inglese..non ho chiesto le credenziali ..hanno risposto in due giorni ieri l altro sera hanno risposto con la mail delle credenziali assicurando che la repubblica tiene fede ai suoi impegni e ha massimo rispetto per i bond holders l ho postato di la..ieri l altro sera..

 

[dottluca]

che sei un bond holder e vuoi sapere se pagano io ho scritto circa cosi in inglese..non ho chiesto le credenziali ..hanno risposto in due giorni ieri l altro sera hanno risposto con la mail delle credenziali assicurando che la repubblica tiene fede ai suoi impegni e ha massimo rispetto per i bond holders l ho postato di la..ieri l altro sera..

Ok, ricevuto accredito ma nel campo osservazioni?

 

[SPERANZA]

 

[Joe Vanni]

Ok, ricevuto accredito ma nel campo osservazioni?

io ho scritto che le quantità e i titoli potrebbero cambiare fino a venerdì, e ho ripetuto che non sono US person e posso accettare modifiche nelle condizioni ma soprattutto un cambio isin anche da soberanos a pdvsa o viceversa.

ad esempio, mi pare di ricordare che pdvsa 2027-2037, insieme allo scaduto di aprile 2017, non sono sotto giurisdizione USA, ma europea, e collocati all'epoca da Abn Amro.

mi rodo da qualche giorno su questo punto: ma invece di emettere nuovi ISIN non potrebbero essere semplicemente "sostituiti" con titoli già esistenti? formalmente non sarebbero rispettate le restrizioni imposte ad agosto dal POTUS?

 

[noname]

.@aroliveros: "El Gobierno evalúa ofrecer a los tenedores un nuevo bono con el aval de la ANC y no de la AN, como una forma de buscar su reconocimiento" #AgendaEconomica

 

[carib]

EXOTIX


PDVSA 17s – what happens if it isn’t paid?


¡ At the time of writing it is still not clear if many or even any holders of the PDVSA 17s have received the final principal payment. The US$1.12bn was due on 2 November, and as there is no grace period on principal, it is already late. While the government claims it is making the payment, and said last Thursday when it announced its intention to seek a restructuring that it will make the payment (see here), we haven’t seen it yet.


1. CDS. It is up to the ISDA determination committee, at the behest of investors, to decide if a credit event has occurred (and you cannot get much clearer than a missed principal payment). Reports said ISDA will wait to see if any payment came in by Tuesday (7 November). We expect they will wait for NY hours to see if any payment came in by 11.59pm last night. Then it will make a decision. We’re not sure when or how long this will take, but we wouldn’t expect it to take too long. It might be possible to argue that Venezuela made the payment but this was not transferred to holders because of problems in the payment chain, although CDS were triggered in Argentina in 2014 in a similar situation.


2. Bonds. Failure to pay principal is an event of default, under which holders of at least 25% of the principal amount outstanding may declare default and accelerate. It is up to holders to decide what to do. It is possible they don’t choose to accelerate. There are plenty of examples where bondholders haven’t called a default even after a missed payment and just remained patient (Ivory Coast, Mozambique, REPCON, Argentina). If they do accelerate, this would require an organised group of holders or one holder owning more than 25% who could take action on their own (25% of the current outstanding is only US$280mn, because the bond is amortising, and the amount now due is only US$1.12bn not the original outstanding, which was US$6.15bn). Acceleration requires a written notice to the Issuer and the Trustee.


¡ We expect if holders do declare a default, then that could be used to trigger cross default across the whole US$28bn of PDVSA bonds. The PDVSA docs typically state that a default event is also the failure to pay at final stated maturity the principal amount of any indebtedness of the issuer, or the acceleration of the final stated maturity of any such indebtedness, if the aggregate principal amount is over US$100mn (curiously, we read this cross default as not directly including unpaid interest, which would have implications for upcoming coupon payments, but we aim to seek legal clarification on this). If it is paid, the next PDVSA principal payment is the next amortisation of the collateralised PDVSA 20s on 27 October 2018.

¡ We suspect holders will remain patient on the 17s and not elect to accelerate now, if the payment is not made. Holders may simply give the government more time to make the payment, as the intention seems to be