Bloomberg: Venezuela vendería nuevos bonos en dólares por 5,000 mdd

VENEZUELA bolivarsLos mercados de bonos probablemente reaccionen con confusión cuando vuelvan a abrir el martes, tras permanecer cerrados el lunes por el Año Nuevo, dijo Russ Dallen, socio gerente en Caracas Capital Markets.

“Como se realizó el 29 de diciembre sin haber sido aprobada por la Asamblea Nacional y sin que se haya notificado su promulgación en la Gaceta Oficial, esto huele a alguna clase de embuste financiero de fin de año por parte de un Gobierno que se quedó sin efectivo e intenta desesperadamente ocultarlo”, dijo en respuestas enviadas por correo electrónico.

http://www.economiahoy.mx/economia-eAm-mexico/noticias/8062540/01/17/Venezuela-venderia-nuevos-bonos-en-dolares-por-5000-mdd.html

Financial Times advierte sobre el peso de vencimientos de deuda venezolana

¿Cuánto vale Citgo Holding?

financial-times-600x293Citgo no es una compañía cotizante y su valor es relativo. En su oferta de canje de bonos, PDVSA asegura que su valuación es de u$s 12.500 millones.

PDVSA antes dijo que las tres refinerías de Citgo valían u$s 7000 millones. Russ Dallen de Caracas Capital sostiene que, en base a la venta anterior de otra refinería de Citgo, podrían salir a la venta por cerca de u$s 1300 millones. Dallen estima que el valor de Citgo Holding, que incluye oleoductos y otros activos, asciende a entre u$s 4000 y u$s 5000 millones.

Pero PDVSA afirmó que Citgo tiene deudas por u$s 4.200 millones. Además, los activos de la empresa ya corren riesgo de ser embargados por los acreedores de PDVSA y del gobierno, en definitiva el dueño de ambas compañías.

¿Por cuánto tiempo podrá Venezuela pilotear la situación?

Los analistas e inversores hace un tiempo que se vienen preparando para un default, pero el “Día D” todavía no llega. El Banco Central asegura que las reservas extranjeras totales ascienden a u$s 11.800 millones, menos de los u$s 35.000 de principios de 2015.

Morden de Nomura calculó el futuro ingreso neto fondos en dos escenarios: precios del petróleo al nivel actual para un crudo venezolano en cerca de u$s 38 el barril, y precios más altos en el futuro. Después del servicio de la deuda, la fuga de capitales y las importaciones relacionadas con el petróleo, ella estima que los ingresos netos provenientes de exportaciones de petróleo serán cercanos a u$s 8800 millones este año, subiendo a u$s 12.800 millones en 2017 si repuntan los precios.

http://www.bancaynegocios.com/financial-times-advierte-sobre-el-peso-de-vencimientos-de-deuda-venezolana/

 

CNBC: Venezuela’s state oil company is struggling under bond obligations

pdvsa-paintBut investors are unwilling to swap their bonds and increase their exposure to the cash-strapped company. According to Russ Dallen, strategic adviser for the Venezuela Opportunity Fund, an exchange traded fund invested in Venezuela and PDVSA bonds, said the company is ignoring how the market views a distressed borrower.

“If you have the larger of the two bonds that Venezuela is trying to swap you out of — the $4.1 billion of the PDVSA 8.5 percent (due in) 2017 — you can have half your money back in on November 2 and the other half next year — or you can take the deal and get half your money back in two years and the other half in four years,” he explained to CNBC via email.

“Likewise, if you are in the $3 billion of PDVSA 5.25 percent (due in) April 2017, you can have all your money back in six months or take the deal and have four more years of exposure to a distressed credit.”

The Venezuela Opportunity Fund is not taking part in the bond swap deal.

http://www.cnbc.com/2016/10/21/venezuelas-state-oil-company-is-struggling-under-bond-obligations.html

Venezuela: default in arrivo per compagnia petrolifera statale. Cosa accadrà al paese?

police-pueblo“Il Venezuela è alla disperata ricerca di denaro. Sono a corto di soldi e sono a corto di vie d’uscita”,

ha affermato Russ Dallen della Caracas Capital Markets.

“Si è già verificato un grave collasso dell’economia e la situazione non farà altro che peggiorare con l’interruzione delle esportazioni di petrolio”,

https://www.forexinfo.it/Venezuela-default-PDVSA-crisi-petrolifera-cosa-accadra

Cỗ máy kiếm tiền lớn nhất của Venezuela cảnh báo vỡ nợ

pdvsa-workers-flagDù sở hữu trữ lượng dầu thô lớn nhất thế giới, Venezuela đang dần cạn thực phẩm, thuốc men và tiền mặt. Mọi thứ sẽ tệ hơn nữa nếu PDVSA vỡ nợ. Russ Dallen, đối tác quản lý tại Caracas Capital Markets ở Mỹ cho biết: “Họ đang hết tiền và chệch ra khỏi đường băng. Họ cần bán trái phiếu. Venezuela cực kỳ cần tiền mặt”.

http://thanhnien.vn/kinh-doanh/co-may-kiem-tien-lon-nhat-cua-venezuela-canh-bao-vo-no-756649.html

As ConocoPhillips Sues PDVSA for Fraud, Venezuela Says $7 Billion Bond Swap to Continue

cop-v-citgo-pdvsaIn a July 30, 2014 article, citing Russ Dallen, head of Caracas Capital Markets, the Wall Street Journal reported that “Venezuela is looking under couch cushions for coins because they need money . . . . [t]he Exxon and ConocoPhillips judgments are coming any day now and the easiest place to enforce those judgment will be the United States.”

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The Financial Times (“FT”) has reported that this pledge of CITGO Assets as collateral could have severe consequences: “PDVSA’s proposed debt swap is also complicated by the proposal to offer up to 50.1 per cent of Citgo as security for bondholders who agree to the deal. Firstly, it is already the state oil company’s main seizable asset in case of a default; secondly, if it is fully pledged to underpin the bond swap then it would in practice deprive other bondholders of their main security.” FT further reported: “Lawyers say this would therefore probably fall foul of the ‘negative pledge’ clause in PDVSA’s existing bonds. Tellingly, the 442 pages of documentation on the debt swap lists no law firms or investment banks involved.” FT wrote: “This is a worrying sign, in that no counsel for PDVSA, no counsel for Citgo, no counsel for the bondholders, no counsel for Venezuela and no counsel for any of the collateral, paying,trustees is putting their name on this document,’ Russ Dallen of Caracas Capital wrote in a note.” FT continued: “Even if enough bondholders sign up, and the legality of the collateral pledge goes unchallenged, Citgo may prove scant security. If PDVSA defaults on the new bonds then investors can seize 50.1 per cent of the US petrol company, but this would trigger a ‘change-of-control’ clause in Citgo’s own $5bn of debt, making it immediately payable.”

http://laht.com/article.asp?ArticleId=2422640&CategoryId=10717