Owblisky
Compravendite mobiliari
Quello che non riesco a capire è il disallineamento del TLX nonostante i titoli quotino TQ.
Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 2 (5 lettori)
- Creatore Discussione tommy271
- Data di Inizio
Quello che non riesco a capire è il disallineamento del TLX nonostante i titoli quotino TQ.
Abulico
Forumer storico
CARACAS (Reuters) - La estatal Petróleos de Venezuela (PDVSA) informó el miércoles que cumplió con el pago de intereses demorados y el capital de un bono vencido, disipando un poco los temores que crecen en el mercado tras los persistentes retrasos de la firma y el gobierno socialista al amortizar sus compromisos.
....
Mientras, el Gobierno venezolano reportó el miércoles el inicio de la transferencia de unos 200 millones de dólares para cumplir con el pago de intereses de los bonos al 2019 y 2024.
Venezolana PDVSA dice que pagó "con éxito" intereses demorados y capital del bono 2017
....
Mientras, el Gobierno venezolano reportó el miércoles el inicio de la transferencia de unos 200 millones de dólares para cumplir con el pago de intereses de los bonos al 2019 y 2024.
Venezolana PDVSA dice que pagó "con éxito" intereses demorados y capital del bono 2017
Ottoecinquanta
Forumer attivo
Io penso che i soldi di ELEC arriveranno presto, ritengo veritiera la dichiarazione di ZERPA di un paio di giorni fa sul problema tecnico risolto
Ventodivino
מגן ולא יראה
Estrattino da report di JPM uscito oggi.
What happens after a potential “Failure to Pay” credit event?
If a credit event is determined to have occurred, a CDS auction would follow. The DC will then ask for
deliverable obligations (used to settle the CDS in the auction) to be submitted for consideration and will analyze
those that have been submitted to ensure they are deliverable. These deliverables are then announced by ISDA
prior to the auction. Argentina’s auction followed about a month later, while Ukraine had an expedited auction
ahead of the bond restructuring process.
As of November 3, there is an estimated $1.31bn in net notional outstanding of single-name Venezuela CDS and
$0.27bn in net notional outstanding of single-name PDVSA CDS. There is an estimated additional $0.56bn in
Venezuela CDS through CDX.EM index positions. In comparison, prior to their CDS auctions, Argentina was
estimated to have $1.04bn in single-name and an additional $0.68bn through CDX.EM, and Ukraine was
estimated to have $0.40bn in single-name and an additional $0.47bn through CDX.EM.
Settlement issues around sanctioned bonds should be mitigated by the ISDA protocol which was launched in
October (see Venezuela and PDVSA CDS: A protocol is launching: ISDA to launch a process to incorporate
new language for Venezuela & PDVSA, 10 October 2017). In October, ISDA published new language for
Venezuela and PDVSA CDS that excludes any bonds that are restricted under the sanctions as obligations or
deliverable obligations for CDS and the new CDX.EM Series 28 already trades incorporating this language.
ISDA launched a protocol to incorporate this new language as a solution to isolate Venezuela CDS from the
issues around bonds that fall under the sanctions, to enable trading and to future-proof against credit event
settlement issues. As of October 26 2017, the new protocol is determined to have been implemented by ISDA,
after the Protocol Effectiveness Condition was deemed to have been satisfied (see ISDA 2017 Venezuela
Additional Provisions Protocol).
The Auction Process and the ‘Cheapest to Deliver’ Bond
A CDS auction is used to determine the final recovery rate for CDS contracts. In the auction process,
investors can opt to physically settle (deliver bonds against a CDS contract that bought protection and receive
100%) or cash settle (receive a payout equal to 100% - auction recovery rate). The auction recovery rate is the
price paid in the auction that that finally clears the auction balance of bonds that are being delivered. The price
that bonds trade at is therefore used to determine the payoff from CDS contracts. Investors who wish to cash
settle their CDS contracts need do nothing and will pay or receive 100%-auction recovery rate. CDS investors
looking to physically settle (i.e. pay $100 and receive bonds worth 100% notional or receive $100 and deliver
100% notional) can also do so through the auction. These investors enter a market order in round one of the
auction and are unaffected by the final recovery rate in the auction.
The auction also provides an opportunity for non-CDS market participants who wish to either buy or sell
bonds to access the liquidity provided by the auction. In the second round of the auction, any market
participant can enter a limit order to either buy or sell bonds depending on the direction of the open interest in
round one.
Cheapest to Deliver Bonds into the Auction
CDS auctions typically settle on the cheapest to deliver bond – the lowest price bond that meets the
deliverability criteria. Any deliverable bond can be delivered into the CDS auction and any investor entering
either a market or limit order in the auction should expect to be delivered the lowest price bond. Investors who
own CDS against a higher priced bond are better off either selling their bond and buying a cheaper bond to
deliver into the auction, or cash settling their CDS (likely based on the lower priced bond) and either selling or
holding onto their existing bond. Table 2 below summarizes USD-denominated Venezuela and PDVSA bonds
and current indicative prices.
Venezuela CDS trades under “Standard Latin America Sovereign”, and the criteria for deliverability include
“Not Subordinated, Specified Currency, Not Domestic Law, Not Contingent, Not Domestic Issuance,
Transferable. Not Bearer”. PDVSA CDS trades under “Standard Latin America Corporate BL” and the criteria
for deliverability include “Not Subordinated, Specified Currency, Not Sovereign Lender, Not Domestic Law,
Not Contingent, Not Domestic Issuance, Assignable Loan, Consent Required Loan, Transferable, Not Bearer”.
This means that for Venezuela only bonds are deliverable, for PDVSA bonds and loans are deliverable.
What happens after a potential “Failure to Pay” credit event?
If a credit event is determined to have occurred, a CDS auction would follow. The DC will then ask for
deliverable obligations (used to settle the CDS in the auction) to be submitted for consideration and will analyze
those that have been submitted to ensure they are deliverable. These deliverables are then announced by ISDA
prior to the auction. Argentina’s auction followed about a month later, while Ukraine had an expedited auction
ahead of the bond restructuring process.
As of November 3, there is an estimated $1.31bn in net notional outstanding of single-name Venezuela CDS and
$0.27bn in net notional outstanding of single-name PDVSA CDS. There is an estimated additional $0.56bn in
Venezuela CDS through CDX.EM index positions. In comparison, prior to their CDS auctions, Argentina was
estimated to have $1.04bn in single-name and an additional $0.68bn through CDX.EM, and Ukraine was
estimated to have $0.40bn in single-name and an additional $0.47bn through CDX.EM.
Settlement issues around sanctioned bonds should be mitigated by the ISDA protocol which was launched in
October (see Venezuela and PDVSA CDS: A protocol is launching: ISDA to launch a process to incorporate
new language for Venezuela & PDVSA, 10 October 2017). In October, ISDA published new language for
Venezuela and PDVSA CDS that excludes any bonds that are restricted under the sanctions as obligations or
deliverable obligations for CDS and the new CDX.EM Series 28 already trades incorporating this language.
ISDA launched a protocol to incorporate this new language as a solution to isolate Venezuela CDS from the
issues around bonds that fall under the sanctions, to enable trading and to future-proof against credit event
settlement issues. As of October 26 2017, the new protocol is determined to have been implemented by ISDA,
after the Protocol Effectiveness Condition was deemed to have been satisfied (see ISDA 2017 Venezuela
Additional Provisions Protocol).
The Auction Process and the ‘Cheapest to Deliver’ Bond
A CDS auction is used to determine the final recovery rate for CDS contracts. In the auction process,
investors can opt to physically settle (deliver bonds against a CDS contract that bought protection and receive
100%) or cash settle (receive a payout equal to 100% - auction recovery rate). The auction recovery rate is the
price paid in the auction that that finally clears the auction balance of bonds that are being delivered. The price
that bonds trade at is therefore used to determine the payoff from CDS contracts. Investors who wish to cash
settle their CDS contracts need do nothing and will pay or receive 100%-auction recovery rate. CDS investors
looking to physically settle (i.e. pay $100 and receive bonds worth 100% notional or receive $100 and deliver
100% notional) can also do so through the auction. These investors enter a market order in round one of the
auction and are unaffected by the final recovery rate in the auction.
The auction also provides an opportunity for non-CDS market participants who wish to either buy or sell
bonds to access the liquidity provided by the auction. In the second round of the auction, any market
participant can enter a limit order to either buy or sell bonds depending on the direction of the open interest in
round one.
Cheapest to Deliver Bonds into the Auction
CDS auctions typically settle on the cheapest to deliver bond – the lowest price bond that meets the
deliverability criteria. Any deliverable bond can be delivered into the CDS auction and any investor entering
either a market or limit order in the auction should expect to be delivered the lowest price bond. Investors who
own CDS against a higher priced bond are better off either selling their bond and buying a cheaper bond to
deliver into the auction, or cash settling their CDS (likely based on the lower priced bond) and either selling or
holding onto their existing bond. Table 2 below summarizes USD-denominated Venezuela and PDVSA bonds
and current indicative prices.
Venezuela CDS trades under “Standard Latin America Sovereign”, and the criteria for deliverability include
“Not Subordinated, Specified Currency, Not Domestic Law, Not Contingent, Not Domestic Issuance,
Transferable. Not Bearer”. PDVSA CDS trades under “Standard Latin America Corporate BL” and the criteria
for deliverability include “Not Subordinated, Specified Currency, Not Sovereign Lender, Not Domestic Law,
Not Contingent, Not Domestic Issuance, Assignable Loan, Consent Required Loan, Transferable, Not Bearer”.
This means that for Venezuela only bonds are deliverable, for PDVSA bonds and loans are deliverable.
Abulico
Forumer storico
Se si presuppone il pagamento delle cedole, quanto decidera' domani l'ISDA sara' interessante solo per I detentori dei CDS...con I pagamenti in essere nessuno chiedera' l'accelerazione.
Se tutto fila per il verso giusto il prossimo appuntamento con il cedolame a fine GP e' per lunedi' prossimo con 237M tra i soberanos 25/26
Se tutto fila per il verso giusto il prossimo appuntamento con il cedolame a fine GP e' per lunedi' prossimo con 237M tra i soberanos 25/26
Abulico
Forumer storico
Lifeinvest @lifeinvestasset 7 min7 minuti fa
Los #bonosvenezolanos recuperan terreno, al momento de redacción.
Los #bonosvenezolanos recuperan terreno, al momento de redacción.
dottluca
pesca un numero..isin
Più che altro si nota che la PDVSA 2022 ha staccato nettamente la soberanos 2022
Kygan
Nuovo forumer
PDVSA non avrà scadenze nel 2018 e 2019 a differenza dei suberanos.
Ottoecinquanta
Forumer attivo
PDVSA ha l’ammortamento della 2020 in quote uguali anche nel 2018 e nel 2019 ed Elec