En Español



Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

 

Traders scramble as clock keeps ticking: PDVSA default watch

PDVSA says it's all paid up, but the bond market thinks otherwise

When PDVSA oil company blasted out a statement Friday about having begun to transfer $842 million to holders of its bonds due in 2020, the bonds rose on the expectation that come Monday, creditors would be receiving the funds in their accounts and that an even bigger payment due Nov. 2 would now surely be made despite more than $500 million worth of past-due interest payments continuing to pile up. Monday afternoon, the mood has become more somber with no sign of the funds, no word from the notes' trustee and no further communiques from PDVSA. - Daniel Cancel / Bloomberg. - Watch video

By Ben Bartenstein

NEW YORK
Petroleumworld 10 31 2017

Investors are getting mixed signals as Venezuela stares down billions of dollars in debt obligations over the next few weeks.

The Situation

Although PDVSA said it paid an $842 million principal payment on its 2020 bonds due last Friday, the money has yet to materialize in the accounts of bondholders. Another $1.2 billion payment looms on Thursday. And to top it off, the clock is ticking on more than half a billion dollars in debt from the state oil firm and Nicolas Maduro's government that are in a 30-day grace period. That said, if Venezuela can survive the next two weeks, it will be smoother sailing until the next big chunk of payments come due in April.

The Bonds

Debtor

Due Date

Amount Due

CUSIP

Cross Default

Grace Period

ELECAR 18s
Oct. 10
$27,625,000
EH2888749
Yes
30 Days
PDVSA 27s
Oct. 12
$80,625,000
EG3110533
Yes
30 Days
VENZ 19s
Oct. 13
$96,718,566
EH9901297
Yes
30 Days
VENZ 24s
Oct. 13
$102,958,473
EH9901214
Yes
30 Days
VENZ 25s
Oct. 21
$61,193,000.25
ED8955574
Yes
30 Days
VENZ 26s
Oct. 21
$176,250,000
EI8410553
Yes
30 Days
PDVSA 20s
Oct. 27
$984,998,482.50 ($841,878,500 in principal)
QZ9940003
Yes
30 Days (for interest payment)
PDVSA 22s
Oct. 28
$90,000,000
JV9618804
Yes
30 Days
PDVSA 17s
Nov. 2
$1,169,075,523.22 ($1,121,415,370 in principal)
EI4173619
Yes
30 Days (for interest payment)

 

The Investors

Holder Name
Percent of Reported Total
Last Filing
Goldman Sachs Group Inc
12.5%
08/31/17
BlackRock
10.8%
10/27/17
Fidelity Management & Research
9.9%
10/27/17
T Rowe Price Group Inc
5.7%
09/30/17
Ashmore Group Plc
5.4%
09/30/17
Allianz SE
4.1%
10/27/17
Grantham Mayo Van Otterloo & Co
2.7%
05/31/17
Alliance Bernstein
2.5%
08/31/17
Sun Life Financial Inc.
2.5%
09/30/17
HSBC
2.3%
06/30/17

* Based on public filings reported by investment firms and reviewed by Bloomberg.


Story by Ben Bartenstein from Bloomberg.

bloomberg.com 10 30 2017

We invite all our readers to share with us
their views and comments about this article.

Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels



Nov 13-14 ;
Mexico City, Mexico

 

 

 

 

 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld   / Elio Ohep - All rights reservedThis 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.