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12-14-17  panasonic

lots of harami money going to bitcoins instead of Pdvsa bonds,
that could explain lack of volume.

https://www.washingtonpost.com/world/the_americas/venezuelans-seeing-bitcoin-boom-as-survival-not-speculation/2017/12/13/4bfbbc7a-e02b-11e7-b2e9-8c636f076c76_story.html?utm_term=.fa108fdbf744

12-14-17  panasonic

Savo, Ortega was too busy sacking her share...what abt. Maduro?
sacking or playing with rubber duckies in bathtub? :-)

12-14-17  savo

amigo..what was Luisa Ortega doing when all this was happening?

https://elpais.com/internacional/2017/12/13/actualidad/1513189655_511418.html


12-14-17  panasonic

Savo, sanctions are clogging Pdvsa arteries, even JV with decent
partners may be subject to that...day Quevedo explains that to
Maduro he will end jailed in Sebin for treason.

12-13-17  savo

merlino.. production can increase again with the right partners... however oil prices are given..

But China is not the right partner...if the second economic power in the world cant help veni to get some coupons thru despite the sanctions... it is time to change partners.

12-13-17  carib

Low price settlement on PDVsa CDS IMHO due to large trades on the 6% 22.. cheapest bond around..
maybe GS had plenty CDS to cash..

12-13-17  carib

Merlino: 2016.. or 2017.. 2018?

12-13-17  Merlino

Savo, very sad to realize that the extra income relative to 2016 due to much higher oil prices is probably all gone bcz of declining production, although I agree it is still enough to pay pdvsa debt.


12-13-17  savo

Merlino... at today´s oil prices...the numbers that have to be paid..even with lower oil production..are very feasible...and money keeps on coming every day.

i think they wont pay anything else..until they see that the coupons paid arrive to their destination...

P27 is retained..since November 15!

12-13-17  Merlino

Pdvsa oil production seems to have been plummeting beyond my worse expectations, continuously but especially during last three months..I do not believe in parallel official sales which, if any, have likely been plain robbery...neither I believe in official hidden money....they do not pay coupons bcz they have no cash...I think they will unlikely be able to significantly increase production under circumstances....neither will they change strategy...with no meaningful external allies, just enemies....I am starting to think next year will be last one for this gov...internal support would probably gradually diminish with likely about 50-100% monthly inflation and almost total lack of paper bills, which are the ones used by a good part of the poorest population for their daily deals (think in cleaning ladies, bus drivers, small street shops, supermarket bag helpers, independent modest laborers, etc now out of work simply bcz no practical way to pay them)

I still think they will try to continue paying pdvsa coupons, however hardly as a a priority


12-13-17  5000bath

volumes still low yes, pana, ~10MM nominal all together in the last days in pdvsa22 f.ex. @ high twenties. (~27% - 29%) = 3 MM.
(+accrued) no buy backs from anyone. dont't know to which percentage the otc is included in the finra.

12-13-17  Hernie

PDVSA President Meets Chevron, Total in Continued JV Reviews
By Patricia Laya
(Bloomberg) -- Venezuela oil minister and PDVSA president, Manuel Quevedo, met with Chevron and Total representatives to review joint projects, the Venezuelan oil company said in a press release today.
PDVSA also met with representatives from ENI, Rosneft, Repsol, Statoil, Suelopetrol and CNPC
Foreign and national companies reiterated commitment to continue working in Venezuela: PDVSA
No details of the conversations were provided
Chevron is partner with PDVSA in four JVS: Petroindependencia, Petroindependiente, Petropiar and Petroboscan
Total and Statoil are partners with PDVSA in Petrocedeno JV
Dec. 11: PDVSA President Reviews JVs with ENI, Rosneft, CNPC, Repsol

12-13-17  panasonic

bonds are doing ok, no "new" panic...anyone knows if volumes still low?

12-13-17  panasonic

no 21

12-13-17  pillz

no P24 clit

12-13-17  carib

mniam: no 24, no 26, no 35.

12-13-17  savo

mniam...no news regarding P24s or annuncements of any kind yet... we are still waiting for P27 retained by Clearstream since November 15 and P22.

12-13-17  mniam

has anyone actually received their coupon on the PDVSA 6% 2024 USP7807HAT25?

12-13-17  Hernie

PDVSA Uses Naphtha From Gas as Crude Diluent for First Time
By Lucia Kassai
(Bloomberg) -- PDVSA started using residual naphtha from domestic gas production to dilute extra-heavy crude oil, which should reduce imports of the product, according to company statement.
5k bbl of naphtha was extracted from gas at natural gas fractionation plant in Jose, loaded on truck and is bound for Orinoco oil belt, which houses the country’s extra-heavy oil production
Naphtha to be used to dilute viscous heavy, extra-heavy oil from Orinoco belt and facilitate pipeline transportation; represents savings of $11m/month
NOTE: PDVSA typically uses imported naphtha, domestic naphtha produced by its refineries, as diluent
PREVIOUSLY, Dec. 12: Venezuela Naphtha Imports Rise in November Amid Upgrader Work

12-13-17  Hernie

PDVSA Bonds Initially Valued at 19.25 Points in CDS Auction
By Eliza Ronalds-Hannon
(Bloomberg) -- Market midpoint reported after first round of PDVSA CDS settlement auction.
Final rate to be set later today
Net open interest of $105.92m to buy reported by auction administrators Creditex and Markit
ISDA ruled Nov. 16 that PDVSA triggered credit event on swaps
RELATED: Venezuela CDS Buyers Near Payout as ISDA Sets Auction Dates
EARLIER: Venezuela Debt Delays Trigger $1.6 Billion of Default SwapsTo contact the reporter on this story:

12-13-17  carib

grab powers

12-13-17  carib

Hernie: point is an ANC unable to grasp powers from AN and only able to vote a draft to be submitted to further popular vote.. is no use for Maduro&c..

12-13-17  Hernie

Carib, I don't disagree with you. But Amigo was asking specifically about the legality of the ANC...

12-13-17  carib

Hernie: without going into legal arguments.. the point is not the power to draft proposals for new constitution (which AMC is currently NOT doing).. but stripping the powers of AN, which is nowhere to be found in the constitution. That is why no western power recognized ANC, and still considers AN to be the legal holder of legislative power...
and why restructuring sov debt is legally hard, irrespective of US sanctions..

12-13-17  Hernie

Correct Amigo...The strict language in the constitution regarding ANC is below. Note Art 348: "La iniciativa de convocatoria a la Asamblea Nacional Constituyente podrá hacerla el Presidente o Presidenta de la República en Consejo de Ministros".

In principle he can legally call for the ANC as you can read but I think that what he can't do is enforce whatever constitution comes out of the ANC without holding elections.

However, the way it is going, it doesn't look like ANC is drafting anything and it seemed to have been a political mechanism to subordinate all the other powers to it.

+++++++++++++

Capítulo III

De la Asamblea Nacional Constituyente

Artículo 347. El pueblo de Venezuela es el depositario del poder constituyente originario. En ejercicio de dicho poder, puede convocar a una Asamblea Nacional Constituyente con el objeto de transformar el Estado, crear un nuevo ordenamiento jurídico y redactar una nueva Constitución.

Artículo 348. La iniciativa de convocatoria a la Asamblea Nacional Constituyente podrá hacerla el Presidente o Presidenta de la República en Consejo de Ministros; la Asamblea Nacional, mediante acuerdo de la dos terceras partes de sus integrantes; los Consejos Municipales en cabildos, mediante el voto de las dos terceras partes de los mismos; y el quince por ciento de los electores inscritos y electoras en el registro electoral.

Artículo 349. El Presidente o Presidenta de la República no podrá objetar la nueva Constitución.
Los poderes constituidos no podrán en forma alguna impedir las decisiones de la Asamblea Constituyente.
A efectos de la promulgación de la nueva Constitución, ésta se publicará en la Gaceta Oficial de la República de Venezuela o en la Gaceta de la Asamblea Constituyente.

Artículo 350. El pueblo de Venezuela, fiel a su tradición republicana, a su lucha por la independencia, la paz y la libertad, desconocerá cualquier régimen, legislación o autoridad que contraríe los valores, principios y garantías democráticos o menoscabe los derechos humanos.

12-13-17  carib

The long or the short of it, IMHO.. is either Maduro makes a deal with Trump,
or agrees to internationally supervised elections with opposition leaders all free to run..
or no strategically significant agreement in DR (or elsewhere) and regime just digging in.

12-13-17  Merlino

Amigo, I think i have not specifically posted that

Besides, very difficult to swallow a call for an ANC in overt opossition to the existing AN and most or all opossition parties

12-13-17  carib

amigo: one should have a normal constitutional court to judge that.
sadly, right now such court does not exist in veny-land.

12-13-17  amigo-latino

Merlino,

Thanks.

Is ANC in accord with Vene Constitution?

If I recall, some Colores (you and Hernie) posted in the past that vene constittion allows for ANC.

However, Iam not sure.

12-13-17  Merlino

Amigo: presidential elections with intl audit, release of plitical prisioners, dissolution of ANC, reinstatement of full piwer to old AN, acceptance of humanitarian external help

12-13-17  amigo-latino

Merlino, what are the 5 points of SD?

12-13-17  panasonic

most probably "will continue thinking they can play hard ball"
supported by recent electoral results :-(

12-13-17  Hernie

Venezuela Credit Swap Holders to Receive 75.5 Percent Payout
By Eliza Ronalds-Hannon and Katia Porzecanski
(Bloomberg) -- Venezuelan sovereign bonds were valued at about 24.5 cents on the dollar in an auction to determine the payout for holders of credit-default swaps tied to the nation’s government debt.
The valuation means that buyers of protection will be paid $7.55 million for every $10 million they insured. There were a net $1.25 billion in outstanding credit swaps on Venezuela as of Dec. 1, according to JPMorgan Chase &Co..
A panel of credit derivatives dealers and investors ruled Nov. 16 that debt payment delays by Venezuela and its oil company, known as PDVSA, constituted “failure to pay” credit events. Bond rating agencies Fitch, S&P Global, and Moody’s Investors Service have also declared the issuers to be in default on their obligations.

12-13-17  Merlino

I think we must assume sanctions will not be lifted but soon expanded as maduro will not agree in DR with five points requested by State Dept as down payment

To me this recent message by SD was proof that veni is important for Trump (oil, russians, socialism at usa doors) after years of neglect by Obama

I wonder if this will make veni gov to reasses strategy or will continue thinking they can play hard ball

12-13-17  tica9

Still have not received the pdvsa 27 clip!!

12-13-17  leopardo

Hernie the problem is restructuring with sanctions if there is a hard default..
Another problem will be a protracted default that imperilds pdvsa and it's exports being pdvsa an alter ego of the government IMHO..

12-13-17  Hernie

Leo - Francisco Rodriguez (Venny anal who uses to be at BOFA and now at Torino)

12-13-17  leopardo

Who what is FRod Hernie?

12-13-17  Hernie

Also - Bartenstein mentioned that FRod believes that OFAC would consider the issuance of Petros as new liabilities (meaning that Venny wouldn't be able to circumvent sanctions with these)

12-13-17  Hernie

Guys - go on Katia's Twitter account and read her retweets of FRod's opinions during a forum yesterday. Essentially:

- FRod believes there will be hard default and restructuring on the sovs in 2018 but not on PDVSA (considering payment schedule)

- Also thinks Venny doesn't need as much from the IMF as people are saying ($80bn.). Reckons Venny needs $20bn. but most of it would go to the oil industry and it would be odd that IMF would loan it to PDVSA

- According to NSC staff, Venny is one of top 3 priorities for Trump (together with Iran and North Korea)

There is no recording or webcast of the forum unfortunately (odd given there have been recording of all the past ones).

12-13-17  leopardo

Pdvs 2027 coupon still pending?

12-13-17  Alex

they pay slow but pay

12-13-17  rolf

PDVSA20 (Tauschbond) Zinsen via Euroclear
Guten Tag Herr Koch

Ich möchte Sie darüber informieren, dass heute die Zinsen der USD 8.5 % Notes Petroleos de Venezuela 2016-27.10.2020, ISIN: USP7807HAV70, per Valuta 8.12.2017 gutgeschrieben wurden.

Freundliche Grüsse

12-13-17  panasonic

Cryptos are talking a path of their own...users now can stay
and pay w/o need of regulated money movements, idea of a non-Gov
system on the make...

"Airbnb may be the biggest home-sharing game in town, but a new startup is trying to push its way into the market. Enter CryptoBnB: the online home-sharing platform that wants you to pay for your couch-surfing stays using digital currency"

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