Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 2 (26 lettori)

[arkymede74]

intanto oggi...niente cedola elecar...

 

[Ventodivino]

Standard Language in Venezuela and PDVSA Offering Memoranda Related
to Acceleration and Cross Default


PDVSA
Acceleration: If an Event of Default … shall occur and be continuing and has not been waived … Holders of at least 25%
in principal amount of Outstanding Notes may declare the principal of, and premium, if any, accrued interest and
Additional Amounts, if any, on all the Notes to be due and payable by notice in writing to the Issuer and the Trustee
specifying the Event of Default and that it is a “notice of acceleration,” and the same shall become immediately due and
payable.
Cross default: The following… are defined in the Indenture as “Events of Default”, [including] …the failure to pay at
final stated maturity (giving effect to any applicable grace periods and any extensions thereof) the principal amount of any
Indebtedness of the Issuer or any of its Significant Subsidiaries, or the acceleration of the final stated maturity of any such
Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 30 days from the date of
acceleration)


Republic of Venezuela

Acceleration: If any of the following events (“Events of Default”) shall occur and be continuing … then holders of 25%
or more in aggregate outstanding principal amount of such Series of the Bonds may, by notice in writing given to the Fiscal
Agent at its specified office, declare such Series of the Bonds immediately due and payable whereupon the entire unpaid
principal amount of such Series of the Bonds, all interest accrued and unpaid thereon and all other amounts payable in
respect of such Series of the Bonds shall become and be forthwith due and payable, without presentation, demand, protest
or further notice of any kind, all of which are hereby expressly waived by the Republic. Upon such declaration, the Fiscal
Agent shall give notice thereof in the manner provided in the Fiscal Agency Agreement to the Republic (by facsimile with
transmission confirmed) and to the holders of such Series of the Bonds in accordance herewith. After any such declaration,
if all amounts then due with respect to such Series of the Bonds are paid (other than amounts due solely because of such
declaration) and all other defaults with respect to such Series of the Bonds are cured, such declaration may be annulled
and rescinded by holders of more than 50% in aggregate principal amount of such Series of the Outstanding Bonds by
written notice thereof to the Republic at the specified office of the Fiscal Agent.


Cross default: as a result of any default or event of default contained in any agreement or instrument related to any Public
External Indebtedness …of the Republic, Banco Central or any Governmental Agency guaranteed by the Republic, any
party to such agreement or instrument accelerates or declares to be due and payable any such Public External
Indebtedness prior to the stated maturity thereof;

 

[gualberto]

DJ Venezuela Trying to Shore Funds to Make Late Interest Payments by Friday, Says Official Familiar With Bond Transactions

Carib oggi è venerdi ...

 

[MARCO82]

Socio español de Petrosur es una “microempresa” vinculada con funcionarios de Aznar

Qui un po di notizie su cosa è PETROSUR

 

[MARCO82]

PDVSA Looks Like a `Zero' to Man Who Ran Elliott's Argentina Bet
Venezuela could transfer oil rights to new entity, Newman says
Value of company’s foreign assets pale in comparison to debtBy Katia Porzecanski
(Bloomberg) -- Jay Newman, the former hedge fund manager who helped billionaire Paul Singer win a 15-year fight against Argentina, has a word of caution for investors looking to replicate his success amid the chaos unfolding in Venezuela.
Now retired from Singer’s $34 billion Elliott Management, Newman is drawing from his own experience waging one of the most epic battles in the history of hedge funds. In overseeing Elliott’s investment in Argentina’s defaulted debt from start to finish, he masterminded efforts to collect on a court order for full repayment on the notes, including a global quest for government assets to seize.
Jay Newman outside court in New York on Aug. 1, 2014.
The conventional thinking among investors is that Venezuelan assets, especially those of state-run Petroleos de Venezuela, will be much easier to take control of simply because there are more of them scattered around the world. It’s not so simple, says Newman. The $30 billion of debt issued by PDVSA, in fact, may be worthless in a default, he says.
“PDVSA doesn’t own the oil. It’s some amalgamation of production assets, trucks, offices and rusted pipe,” Newman said from New York. “The oil belongs to the state. If PDVSA is reorganized under local law, external bonds could be a zero. Investors should be thinking about the possibility that they will never see much, if anything at all, on their PDVSA bonds.”
The cash crunch in Venezuela is coming to a head. Earlier this month, the government announced it would restructure its debt with global investors, and along with PDVSA has since been deemed in default by ratings companies on the back of significant bond payment delays. A panel of credit derivatives dealers and investors ruled Thursday that the delays triggered payouts on credit-default swaps tied to their debt.
The country insists it will keep paying its obligations while it sorts out a restructuring plan -- something that’s nearly impossible to do with U.S. creditors because of sanctions that restrict their engagement with some top officials, as well as the purchase of new debt.
The doomsday scenario Newman envisions has been floated for a while, but mostly shrugged off. It involves Venezuela effectively writing off PDVSA’s billions in debt by transferring the company’s oil-drilling concessions, operating team and infrastructure to a new entity, leaving the old PDVSA without any of its assets but all of its existing liabilities. (Like a so-called bad bank, but for an oil company.) That would leave investors with few scraps to fight over to cover a tremendous amount of debt.
Why Venezuela’s Sliding Toward Dictatorship, Default: QuickTake
It could happen under Venezuelan law, and there’s little investors can do about it, even if their bonds were issued under New York rules. While that allows creditors to take PDVSA to court in the U.S., and to try to enforce judgments against them, “if PDVSA, as an insolvent company, is being administered under a Venezuelan statutory regime, all bets are off,” said Newman, who’s also a former attorney.
Even if investors were able to get their hands on PDVSA’s foreign assets, Newman says they’re probably only worth about $3 billion -- a tiny amount relative to the company’s debt -- since so much has been borrowed against them. So it wouldn’t be a huge loss for Venezuela, or a huge gain for investors, if they got taken over. Which, by the way, is a lot harder to do than many investors think.
“Good luck to people who want to chase assets,” Newman said. “Been there, done that. It’s a very expensive, time-consuming, and difficult process that’s fraught with pitfalls. It’s not for the faint of heart, and very few firms have the skills, long-term commitment -- and the stomach -- for that kind of activity.”
He should know. In a bid to collect on billions in awarded judgments that Argentina had refused to pay, Elliott tried to lay claim to everything from funds allegedly embezzled by government figures into shell companies in Nevada to Argentina’s rights to launch satellites from one of Elon Musk’s rocket ships. At one point, the hedge fund even managed to seize an Argentine naval vesseldocked in Ghana.
It was ultimately their legal maneuvering and relentless persistence that ensured the hedge’s fund success. Argentina settled with Elliott for about $2.4 billion in 2016, about four times the principal value of the hedge fund’s bond claim -- and probably well beyond what the investors paid for the notes.
The strategy was wherever Argentina went, Elliott would be there as a thorn in its side, keeping officials fearful of the next embarrassing seizure, and preventing the country from accessing capital markets -- even getting a court to block it from paying creditors who held its restructured debt. That provided plenty of motivation for President Mauricio Macri to settle shortly after he came to power in late 2015 on a pledge to restore Argentina’s economy and normalize its international standing.
For now, Venezuela seems able to tolerate its pariah status amid widespread condemnation of President Nicolas Maduro’s anti-democratic push and rampant accusations of human-rights violations. The belief that PDVSA’s tankers, refineries, oil shipments and receivables will provide investors with some recourse in a default, as well as an incentive for the company to keep paying its debt, may be totally off-base, Newman said.
And for those believing that Venezuela, a nation dependent on revenue from oil exports, would never do creditors so dirty because it would leave a permanent mark on the country’s ability to lure investors, Newman again pointed to Argentina. Despite its decade as a market outsider because of its treatment of creditors, the country sold almost $3 billion of 100-year bonds, just 16 months after settling with Elliott. It’s one of four developing nations to have issued century debt abroad.
In the meantime, “this will be a waiting game,” Newman said. “Waiting for Maduro, waiting for the opposition, waiting to see if sanctions bite. It’s difficult to see how this gets settled with Maduro in that seat.”

Io non so chi farà default se pdvsa o soberanos. Non so se lo faranno, se nessuno o tutti e due. Non so se potranno fare di pdvsa un “empty shell” o non pagare coi soberanos perché protetti dal diritto internazionale di sovranità. So solo che se fosse così semplice avrebbero già defaultato da un bel po e invece continuano a fare di tutto per pagare quindi forse qualcosa da perdere ce l hanno pure loro o così credono. Magari solo col “discount” con cui dovrebbero vendere il loro oil stile ecuodor 2008 perderebbero più soldi che continuare a servire il debito. Fatto sta che non ci resta che aspettare e vedere l evolversi degli eventi.
P.s. Anch io 70 % soberanos 30 % pdvsa

 

[darklender]

L unica certezza e niente cedola 19 per oggi

 

[Conte Arciof]

intendo che, a parte fare dichiarazioni e attuare in maniera da favorire il crollo dei prezzi..
non si sa nulla in merito a piani concreti di ristrutturazione del debito..
e non e' certo che esistano.

Difficile portare a casa un risultato senza una strategia pertanto rabbrividisco molto all'idea che non abbiano un piano concreto per la ristrutturazione del debito o almeno una road map che porti a questo.
Sono d'accordo con te che non è sicura l'esistenza di piani di alcun genere ma non posso credere che siano completamente senza bussola.
Sono anni che Maduro è al potere in condizioni difficili e questo è già un risultato che si può spiegare solo riconoscendo in lui un certa abilità politica ed una strategia vincente.
Se ora dovesse sbagliare qualche mossa verrebbe spazzato via e questo lui lo sa.

 

[Llukas]

Standard Language in Venezuela and PDVSA Offering Memoranda Related
to Acceleration and Cross Default


PDVSA
Acceleration: If an Event of Default … shall occur and be continuing and has not been waived … Holders of at least 25%
in principal amount of Outstanding Notes may declare the principal of, and premium, if any, accrued interest and
Additional Amounts, if any, on all the Notes to be due and payable by notice in writing to the Issuer and the Trustee
specifying the Event of Default and that it is a “notice of acceleration,” and the same shall become immediately due and
payable.
Cross default: The following… are defined in the Indenture as “Events of Default”, [including] …the failure to pay at
final stated maturity (giving effect to any applicable grace periods and any extensions thereof) the principal amount of any
Indebtedness of the Issuer or any of its Significant Subsidiaries, or the acceleration of the final stated maturity of any such
Indebtedness (which acceleration is not rescinded, annulled or otherwise cured within 30 days from the date of
acceleration)


Republic of Venezuela

Acceleration: If any of the following events (“Events of Default”) shall occur and be continuing … then holders of 25%
or more in aggregate outstanding principal amount of such Series of the Bonds may, by notice in writing given to the Fiscal
Agent at its specified office, declare such Series of the Bonds immediately due and payable whereupon the entire unpaid
principal amount of such Series of the Bonds, all interest accrued and unpaid thereon and all other amounts payable in
respect of such Series of the Bonds shall become and be forthwith due and payable, without presentation, demand, protest
or further notice of any kind, all of which are hereby expressly waived by the Republic. Upon such declaration, the Fiscal
Agent shall give notice thereof in the manner provided in the Fiscal Agency Agreement to the Republic (by facsimile with
transmission confirmed) and to the holders of such Series of the Bonds in accordance herewith. After any such declaration,
if all amounts then due with respect to such Series of the Bonds are paid (other than amounts due solely because of such
declaration) and all other defaults with respect to such Series of the Bonds are cured, such declaration may be annulled
and rescinded by holders of more than 50% in aggregate principal amount of such Series of the Outstanding Bonds by
written notice thereof to the Republic at the specified office of the Fiscal Agent.


Cross default: as a result of any default or event of default contained in any agreement or instrument related to any Public
External Indebtedness …of the Republic, Banco Central or any Governmental Agency guaranteed by the Republic, any
party to such agreement or instrument accelerates or declares to be due and payable any such Public External
Indebtedness prior to the stated maturity thereof;

la famigerata accelerazione può quindi esser revocata.
sui soberanos serve il 50%, mentre sulle pdvsa come viene sistemata in caso di pagamento entro 30 giorni? automaticamente?
ci sono altre cose importanti che mi sono sfuggite?

 

[Ottoecinquanta]

intanto oggi...niente cedola elecar...

Euroclear ha detto che è arrivata, lunedì martedì ce l’abbiamo sul conto direi

 

[arkymede74]

Euroclear ha detto che è arrivata, lunedì martedì ce l’abbiamo sul conto direi

e noi aspettiamo..non abbiamo fretta!