Venezuela

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How Venezuela Became China’s Money Pit

The world oil market is notoriously quick to react to headlines, but a seemingly significant one last week from the owner of the world’s largest reserves didn’t cause so much as a blip, The Wall Street Journal reported. According to reports, all from ...

Daily Headline - global.abi.org - 07/16/2018 - 01:40 - 0 comments

Venezuela Investor Group Says Creditors Must Be Treated Equally

A group of investors holding more than $8 billion of bonds issued by Venezuela and its state-owned companies said that nation must treat its creditors equally, and it won’t support any debt restructuring that doesn’t, Bloomberg News reported. The committ ...

Daily Headline - global.abi.org - 06/25/2018 - 21:12 - 0 comments

Venezuela Central Bank Pays Citi $172 Million to Recover Swapped Gold

Venezuela's central bank in April paid $172 million (£128.8 million) to U.S. bank Citigroup to recover part of the gold it had put up as guarantee in a swap operation, according to two sources familiar with the situation, the International New Yor ...

Daily Headline - global.abi.org - 06/03/2018 - 23:10 - 0 comments

New Venezuela Creditor Group Emerges to Tackle Defaulted Debt

Three hedge funds that own defaulted Venezuelan bonds hired a Washington law firm to explore legal options for repayment, Bloomberg News reported. The group owns more than 15 percent of the $1.5 billion outstanding of Venezuela’s 2034 bonds, according to ...

Daily Headline - global.abi.org - 06/01/2018 - 14:21 - 0 comments

After Venezuela Strongman’s Victory, Isolated Nation Faces Growing Chaos

For Venezuelan President Nicolás Maduro, the easy part was winning a presidential race where the main opposition candidates were barred, their supporters boycotted the vote, and his government controlled every aspect of the contest, including counting vo ...

Daily Headline - global.abi.org - 05/21/2018 - 23:15 - 0 comments

Venezuelan Bonds Unchained From Oil as Presidential Vote Nears

The price of crude, long a bellwether for oil-rich, cash-poor Venezuela’s ability to repay debt, is anything but that these days. The correlation coefficient between oil and Venezuela’s benchmark 2027 bond is on the verge of turning negative for the firs ...

Daily Headline - global.abi.org - 05/07/2018 - 00:24 - 0 comments

Venezuela Creditor Group Taps Millstein as Financial Adviser

With Venezuela and its state-owned companies behind on $3.4 billion of bond payments, a group of creditors has joined together to consider their next steps and selected Millstein & Co. as financial adviser. The group will seek to evaluate the financi ...

Daily Headline - global.abi.org - 04/22/2018 - 23:18 - 0 comments

Bondholders Seek Smart Money Edge in Venezuela’s Debt

If there is any smart money in Venezuela these days, it is probably in a $2.5bn, 8.5 per cent bond issued by PDVSA, the state oil company, due on October 27, 2020. Despite being declared in default, it trades around 85 cents on the dollar, suggesting inv ...

Daily Headline - global.abi.org - 04/11/2018 - 23:41 - 0 comments

Venezuela Debt Crisis Nears New Low as Riskiest Bond Matures

The Venezuelan debt crisis could be on the verge of a new milestone as a $650 million bond matures Tuesday with little hope it’ll get paid, Bloomberg News reported. The notes from the state-run electric utility were always considered among the country’s ...

Daily Headline - global.abi.org - 04/09/2018 - 22:15 - 0 comments

Venezuelan Candidate Would Seek Debt Restructuring, Adviser Says

Venezuela needs urgent debt relief and would look to give bondholders small payments in the short-term while pushing back maturities in order to allow the country to return to growth, according to the economic adviser of opposition candidate Henri Falcon ...

Daily Headline - global.abi.org - 03/25/2018 - 23:18 - 0 comments

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