NEWS


Page 2 of 24

Washington Post: Uncertainty clouds plans for Venezuela’s financial recovery

In his national address, Maduro said 414 investors had confirmed their attendance, but Russ Dallen, managing partner of Caracas Capital Markets, said he expected far fewer to show up.

By the end of Friday’s workday, Dallen said, one of several U.S. investors he represents told him he couldn’t get a visa on such short notice and another reported planning to send an intern, citing the lack of information.

 “You’d think they’d put it on the table and let you study it if there was some kind of proposal,” Dallen said. “There’s nothing. Just crickets.”

Dallen said Monday is also expected to be a pivotal day as three bonds come due and the International Swaps and Derivatives Association, a group representing the derivatives industry, meets to discuss Venezuela’s debt situation. Investors want to know whether a late $1.1 billion debt payment on state-run oil giant PDVSA bonds this month constituted a “credit event” that could trigger the payment of so-called credit default swaps and prompt legal action by bondholders.

https://www.washingtonpost.com/business/uncertainty-clouds-plans-for-venezuelas-financial-recovery/2017/11/13/05395f58-c830-11e7-b506-8a10ed11ecf5_story.html?utm_term=.d1c903735939

El Nuevo Herald: Incertidumbre empaña planes financieros para Venezuela

En su discurso al país, Maduro dijo que 414 inversionistas habían confirmado su asistencia, pero Russ Dallen, socio gerente de la firma Caracas Capital Markets, auguró que se presentarán muchos menos.

Según Dallen, uno de los inversionistas estadounidenses a los que representa le dijo el viernes que le era imposible conseguir visado con tan poco tiempo, y otro le indicó que tenían pensado enviar a un becario ante la falta de información.

“Uno pensaría que pondrían algo sobre la mesa para permitirle estudiarlo si hay algún tipo de propuesta”, afirmó Dallen. “No hay nada. Solo trampas”.

Dallen dijo que se espera que el lunes sea también un día crucial por el vencimiento de tres bonos y la reunión de la Asociación Internacional de Canjes y Derivados (ISDA, por sus siglas en inglés), un grupo que representa al sector de derivados financieros, para examinar la situación de la deuda venezolana.

http://www.elnuevoherald.com/noticias/finanzas/article184296593.html

http://www.americateve.com/incertidumbre-empana-planes-financieros-venezuela-n972245

CNBC: Venezuela utility defaults as judgment day looms for state oil giant

“The is the first official announcement of a default” in Venezuela, said Russ Dallen, managing partner at Caracas Capital. “This was the canary in the coal mine to tell if the air is bad.”

https://www.cnbc.com/2017/11/10/venezuela-utility-defaults-as-judgment-day-looms-for-state-oil-giant.html

 

Hey, Bernie, Who’s The ‘Banana Republic’ Now? Venezuela’s Inflation Rate Over 2600%.

On Friday, it was announced that Electricidad de Caracas, an electric company owned by the state, had defaulted on a $650 million bond payments. Russ Dallen, managing partner at Caracas Capital, stated, “This is the first official announcement of a default” in Venezuela. He added, “This was the canary in the coal mine to tell if the air is bad.”

http://www.dailywire.com/news/23434/hey-bernie-whos-banana-republic-now-venezuelas-hank-berrien#

Miami Herald: Led by an accused drug kingpin amid U.S. sanctions, are Venezuela debt talks doomed?

“The way they are being set up, the chances of success they have are almost nil,” Caracas Capital Managing Partner Russell M. Dallen said, of the Caracas talks. “It is almost as if the government set them up as an excuse to fail.”

***

Dallen and other analysts worry that the negotiations are a prelude to a default on Venezuela’s $180 billion foreign debt, a perception that gained strength in the markets after Maduro announced last week that he had “decreed a refinancing and restructuring of all foreign payments.”

Given that sanctions introduced by the Trump administration ban U.S. investors from buying newly issued Venezuelan bonds, the chance of a voluntary debt swap operation — which would allow investors to swap near-term debt for debt that matures later on — seems highly unlikely, Dallen said.

http://www.miamiherald.com/news/nation-world/world/americas/venezuela/article183908336.html

 

ABC: Venezuela en Default

“Los mercados están tratando esto hoy [viernes] como si se tratara de un anuncio de default”, comentó desde Miami Russ Dallen, socio gerente de la firma Caracas Capital.

“La Asociación de Operadores de Bonos de Mercados Emergentes decidió que esto es un default y que los bonos ahora van a ser negociados bajo la figura de Flat Trading, la cual está reservada para situaciones de incumpliento”, agregó Dallen.

***

“Eso, por sí solo, garantiza que ese proceso no vaya a ninguna parte”, comentó Dallen. Después de las sanciones aplicadas este año, “los inversionistas no pueden reunirse con él, y mucho menos negociar o acordar con él hacer algo”.

http://www.abcdelasemana.com/2017/11/10/venezuela-en-default/

Βενεζουέλα: Χρεοκόπησε η Electricidad de Caracas

Όπως αναφέρει ανακοίνωση που εξέδωσε η Wilmington Trust, η Electricidad de Caracas είχε ήδη καθυστερήσει έναν μήνα την πληρωμή των ομολόγων. Σύμφωνα με τον Russ Dallen της Caracas Capital, αυτή είναι η πρώτη επίσημη ανακοίνωση χρεοκοπίας στην Βενεζουέλα. Μάλιστα ανέφερε χαρακτηριστικά για την κατάσταση που διαμορφώνεται στη χώρα, ότι αυτή η εξέλιξη ομοιάζει με “το καναρίνι που χρησιμοποιούσαν στα ανθρακωρυχεία για να ελέγξουν αν ο αέρας ήταν επικίνδυνος”. Με αυτή τη μεταφορά, ο  Dallen θεωρεί οι εξελίξεις στη Βενεζουέλα προβλέπονται δύσκολες, καθώς και η κρατική πετρελαϊκή PDVSA βρίσκεται ένα βήμα πριν τη χρεοκοπία. Στις 2 Νοεμβρίου απέτυχε να αποπληρώσει ομόλογα ύψους 1,12 δισ. δολαρίων με αποτέλεσμα η International Swaps and Derivatives Association (ISDA) την ερχόμενη Δευτέρα έχει κληθεί να αποφασίσει αν βρισκόμαστε απέναντι σε ένα πιστωτικό γεγονός.

http://www.capital.gr/diethni/3253462/benezouela-xreokopise-i-electricidad-de-caracas

Financial Times: Venezuela inches closer to default

The situation was “snowballing into an avalanche of default”, Russ Dallen of Caracas Capital, a boutique investment bank specialising in the region, said in a note to his clients on Wednesday morning. “We are on the cusp of an official default ruling on Venezuela.”

http://www.cetusnews.com/business/Venezuela-inches-closer-to-default.HyNi3hDU4bJM.html

Barron’s: Venezuela Is Teetering On Default

The International Swaps and Derivatives Association will be asked to rule if credit default swaps (CDS), a form of insurance when debt payments aren’t made, have been triggered. More may be posted on the ISDA’s website, according to Caracas Capital’s Russ Dallen.

http://www.barrons.com/articles/venezuela-is-teetering-on-default-1510095266

Financial Times: Goldman Sachs asset arm faces large paper loss on Venezuelan bond

“The opposition has already said they won’t honour that bond, so you’re taking a big risk trading those,” said Russ Dallen of Caracas Capital, an investment bank boutique that follows Venezuela.

https://www.ft.com/content/94a6cbc0-c101-11e7-b8a3-38a6e068f464

 

泽辉道金:重大消息 原油即将迎来一轮暴跌

而Caracas Capital Markets执行董事达伦(Russ Dallen)表示,如果PDVSA周五违约,也许该国包括国债在内的所有债务都会跟着违约。信用违约互换数据显示,在未来的12个月内,PDVSA的违约概率为75%,未来5年违约率将达99%。

http://guba.sina.com.cn/?s=thread&bid=10415&tid=3844899

Goldman Sachs enfrenta grandes pérdidas debido al plan de reestructuración de deuda de Venezuela

“La oposición ya ha dicho que no honrará ese bono, así que se corre un enorme riesgo al comercializarlo”, dijo Russ Dallen de Caracas Capital.

http://www.eleconomista.net/2017/11/14/goldman-sachs-enfrenta-grandes-perdidas-debido-al-plan-de-reestructuracion-de-deuda-de-venezuela

 

Venezuelans weary of exit plan for country’s crisis

“Even the market was confused about how to price things in the wake of Maduro’s confusing remarks,” said Russ Dallen, managing partner of Caracas Capital Markets and an expert on Venezuela’s economy.

http://www.sfchronicle.com/news/world/article/Maduro-moves-to-restructure-Venezuela-s-120B-12328426.php

Barron’s: It’s Your Default, Not Mine! Maduro’s Doublespeak in Venezuela

Markets were confused by Maduro’s words. Although Venezuela and Pdvsa trades Friday in Asia and London markets were completed without interest, the Emerging Markets Trading Association (EMTA) in New York decided that Venezuela bonds should trade with interest, according to Russ Dallen, a publisher and bond investor at Caracas Capital.

“Clients who followed our call to buy Venezuela credit default swaps just made their year … prior to Wednesday, we had never made the call to buy CDS,” Dallen said in an email.

http://www.barrons.com/articles/its-your-default-not-mine-maduros-doublespeak-in-venezuela-1509721529

El Nuevo Herald: Mercados interpretan palabras de Maduro como declaración formal de un default

“Los mercados están tratando esto hoy [viernes] como si se tratara de un anuncio de default”, comentó desde Miami Russ Dallen, socio gerente de la firma Caracas Capital.

***

En particular, cualquier prospecto de renegociación se complica por la decisión de Maduro de designar al vicepresidente Tareck El Aissami como la persona encargada de conducir el proceso.

“Eso, por sí solo, garantiza que ese proceso no vaya a ninguna parte”, comentó Dallen. Después de las sanciones aplicadas este año, “los inversionistas no pueden reunirse con él, y mucho menos negociar o acordar con él hacer algo”.

http://www.elnuevoherald.com/noticias/mundo/america-latina/venezuela-es/article182534481.html

 

Page 2 of 24