Venezuela

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No Money? No Problem! Venezuelan Bonds Rally in Act of Faith

Despite reassurances from the Venezuelan government and state-run oil company that checks for past-due bond payments are in the mail, few investors have actually seen the money yet, Bloomberg News reported. No matter. Bonds are rising, paring some of the ...

Daily Headline - global.abi.org - 11/16/2017 - 23:46 - 0 comments

Russia, Venezuela Sign Deal on $3.15 Billion Restructuring

Russia signed an agreement to restructure $3.15 billion of debt owed by Venezuela, throwing a lifeline to a crisis-wracked ally that’s struggling to repay creditors, Bloomberg News reported. The pact gives Venezuela some much-needed breathing room as it ...

Daily Headline - global.abi.org - 11/15/2017 - 23:38 - 0 comments

Venezuela Default a Sideshow as Bond Investors Hold Out Hope

Venezuela and its state oil company are now officially in default. It changes nothing for bondholders, Bloomberg News reported. The declarations in the past 24 hours by S&P Global Ratings, Moody’s Investors Service and Fitch Ratings only confirmed wh ...

Daily Headline - global.abi.org - 11/14/2017 - 22:53 - 0 comments

Venezuela Declared in Default by S&P After Missing Bond Payments

Venezuela, one of the world’s riskiest credits, was declared in default by S&P Global Ratings after missing two interest payments on its debt, Bloomberg News reported. The nation, home to the world’s largest oil reserves, owed investors about $200 mi ...

Daily Headline - global.abi.org - 11/13/2017 - 23:19 - 0 comments

Venezuelan State Electric Company's Trustee Declares Default

Venezuela’s state electricity company was declared in default by the trustee for its bonds after it failed to make a $27.6 million interest payment, Bloomberg News reported. The electric utility, however, said that the cash was sent Nov. 8 and was being ...

Daily Headline - global.abi.org - 11/12/2017 - 22:46 - 0 comments

Venezuelan Oil Output Heads to 29-Year Low

In a related story, Bloomberg News reported that Venezuela is set to pump the least oil in almost three decades, just when it needs petrodollars the most. Output is expected to slump to 1.84 million barrels a day next year, the lowest compared with offic ...

Daily Headline - global.abi.org - 11/12/2017 - 23:01 - 0 comments

Venezuela Inches Closer to Default

Venezuela is stumbling closer to a full-blown, formal default on its debts, with bondholders reporting that they had yet to receive the full bond payment that was due last Friday and a finance industry body now about to decide whether default insurance s ...

Daily Headline - global.abi.org - 11/08/2017 - 22:18 - 0 comments

Russia Says Venezuela Accepts $3 Billion Restructuring Terms

In a related story, Bloomberg News reported that Venezuela and Russia have agreed on terms for restructuring about $3 billion of the Latin American country’s debt and the deal will come soon, Finance Minister Anton Siluanov said in Moscow. “The Venezuela ...

Daily Headline - global.abi.org - 11/08/2017 - 22:18 - 0 comments

PDVSA Credit Rating Cut to C by Fitch

Petroleos de Venezuela SA’s credit grade was cut to one notch above default by Fitch Ratings in the aftermath of President Nicolas Maduro’s announcement that the country intends to restructure its global debt, including that of the state-run oil producer ...

Daily Headline - global.abi.org - 11/07/2017 - 22:41 - 0 comments

Venezuela Cut Deeper Into Junk by Fitch

Venezuela’s credit grade was cut deeper into junk territory by Fitch Ratings and S&P Global Ratings Friday, after President Nicolas Maduro called for a restructuring of the nation’s global debt, Bloomberg News reported. Fitch reduced the nation’s lon ...

Daily Headline - global.abi.org - 11/05/2017 - 20:43 - 0 comments

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