PDVSA bonds rise on partial default speculation
CARACAS, canada goose clearance Nov 6 canada goose uk outlet (Reuters) Venezuelan bond prices Canada Goose sale tumbled on Monday while those of state oil company PDVSA were mixed, affected by speculation that the government of President Nicolas Maduro could canada goose coats on sale halt payments on sovereign bonds while maintaining payment on PDVSA debt.
The OPEC member country cash strapped government invited creditors to a Nov. 13 meeting in Caracas on Friday, after announcing plans to canada goose black friday sale potentially restructure some $60 billion in bonds.
Venezuela 2018N bond, the country next sovereign maturity, was down 31.125 points to a bid price of canada goose factory sale 34. Meanwhile, several PDVSA bonds were rising, with the benchmark 2022 rising 2.000 points to a bid price of 32.
people thought cheap Canada Goose that canada goose coats the buy canada goose jacket cheap refinancing announcement is only going cheap canada goose uk to affect the Republic and uk canada goose not PDVSA, canada goose uk shop said an executive from a local fund that invests in Venezuelan debt, who asked not to Canada Goose online be identified. Three other investors who also hold the country paper said they saw similar canadagooseoutleta patterns.
PDVSA owns Canada Goose Coats On Sale oil refineries in the United States that could be targets for seizure in case of canada goose store corporate default, while Venezuela has fewer known assets and thus is perceived as facing fewer consequences to defaulting, the sources said. refining subsidiary Citgo as collateral to holders Canada Goose Parka of its 2020 bond, and has put up the remainder as collateral on a loan from Russia Rosneft. That suggests PDVSA assets might not be sufficient to cover close to $30 billion in outstanding bonds.
Neither Venezuela Information Ministry nor PDVSA responded to requests for comment.
One fund manager said the discussion of a Canada Goose Jackets partial default strategy by Maduro was still speculative.
balance canada goose uk black friday I think people are reading too much into it, said the fund manager, who asked not buy canada goose jacket to be identified. single statement around restructuring has mentioned PDVSA as well as the sovereign.
Investors remain confused by Maduro announcement that his government will continue to pay but that Canada Goose Online it will also refinance and restructure debts. citizens from acquiring newly issued Venezuelan debt.
Many believe Maduro announcement was meant to pave the way for default, because the uk canada goose outlet country debt burden has left it canada goose desperately short of basic goods such as food and canada goose clearance sale medicines spurring malnutrition and preventable diseases.
Venezuela and PDVSA together have around $60 billion in outstanding bonds, according to Thomson Reuters data, and canadian goose jacket owe some $1.6 billion in bond service and delayed Canada Goose Outlet bond interest payments by the best Canada Goose end of the year.
Next year service is close to $9 billion, of which $6 billion must be paid by Venezuela.
Investors are still waiting for a $1.2 billion payment on PDVSA 2017N bond that came due last week. Officials last week said they had initiated the payment.