05/24  Closing Prices / revised 05/27/2024 07:50 GMT 05/24    OPEC Basket  $81.92  -$0.49 cents     | 05/24    Mexico Basket (MME) $73.35  +$0.89 cents   | 04/30 Venezuela Basket (Merey)   $74.91   +$3.93 cents | 05/24   NYMEX WTI Texas Intermediate June CLM24   $77.72   +$0.85 cents  | 05/24    ICE Brent July  BRNN24     $82.1     +$0.76 cents    | 05/24    NYMEX Gasoline June RBM24     $2.48  +0.6%    |  05/24   NYMEX  Heating Oil June  HOM 24     $2.41   +0.1% | 05/24     Natural Gas June NGM24  $2.52     -5.2%   | 05/24    Active U.S. Rig Count (Oil & Gas)    600  -4  | 05/27    USD/MXN Mexican Peso  16.6994  (data live)  | 05/27   EUR/USD    1.0850 (data live)  | 05/27   US/Bs. (Bolivar)   $36.51290000 ( data BCV)

Venezuela Creditors See Path Toward Debt Restructuring – Bloomberg

Venezuela bonds rallied after a trading ban was lifted by US. A group holding $11b of debt says it stands ready to negotiate. President Nicolas Maduro. (Carlos Becerra/Getty Images)
Venezuela bonds rallied after a trading ban was lifted by US. A group holding $11b of debt says it stands ready to negotiate. President Nicolas Maduro. (Carlos Becerra/Getty Images)

Nicolle Yapur, Bloomberg News

CARACAS
EnergiesNet.com 24 2023

Investors in defaulted Venezuela bonds said a deal between the government and the opposition, followed by the US decision to ease some sanctions, creates a path toward an eventual debt restructuring process.

A group of creditors holding more than $11 billion of sovereign and state-owned oil firm PDVSA bonds said it is confident that the moves will “ultimately lead” to an orderly debt restructuring, according to a statement.

The committee “stands ready to engage constructively with all stakeholders to make progress to that end,” the group, which includes Fidelity Management & Research, T. Rowe Price, Mangart Capital Advisors, Greylock Capital Management, among others, wrote in a statement. 

Last week, President Nicolás Maduro reached a deal with opposition parties to work toward setting conditions for next year’s presidential election. The US then lifted a set of sanctions against Venezuela’s oil and gold production, as well as a four-year prohibition on US persons to trade the country’s defaulted debt in the secondary market. 

That decision prompted a rally in the nation’s bonds, with the price of some notes doubling on Thursday.

Still, the debt sits at deeply distressed levels with government notes trading around 19 cents on the dollar and PDVSA bonds being exchanged for 14 cents, according to traders and data compiled by Bloomberg. 

Washington doesn’t recognize the Maduro government and other US sanctions would have to be lifted before a restructuring process could begin, including removing a ban on issuing new debt in the US. The country began defaulting in 2017 on about $60 billion of debt. 

bloomberg.com 10 23 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com


CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved
 

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

 
 
Scroll to Top