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06-24-17  savo

merlino... investors usually become irritated and offensive when business is not going well... mniam will be his usual nice self as soon as his business gets back on track ... in the meantime better ignore his rants....:-))

06-23-17  carib

Hernie: It would make more sense BCV having sold a CLN to Nomura, and now buying it back (maybe by delivering the underlying?)

06-23-17  Sant

sera ?
With the Dakota Access Pipeline in service and the merger with Sunoco Logistics Partners L.P. complete, I see ETP's future growth prospects as solid. This significantly lowers the risk to future distributions. Furthermore, there are several other moves the company can make to increase the coverage ratio at this time. The company's long-term growth prospects are solid.

06-23-17  spal

GAPFF - doubled-up.

And what rough beast, its hour come round at last ... Slouches towards Bethlehem to be born?

06-23-17  Merlino

Mniam, true knowledge is always elusive in a deceptive world

On discussions, You should write your arguments, not to try to disqualify the one that does not hold your same ideas

06-23-17  carib

Hernie: the general uninformed impression.. is that some fat cats stole money big way, which would be in line with traditional Veny patterns.. and could explain why the final price paid was so low.

06-23-17  Hernie

Well I guess Carib. There is no more detail. But obviously the govt, via the central bank, could be holding any type of credit linked notes for that matter...Just as any other investor that bought a structured credit instrument from an issuing bank..It could be linked to any type of bond, not just Venz...

Now, I think in this case it is probably related to Venz bonds...A bank needs to have bonds in custody in order to issue a new credit linked note...So I am not sure if the note is a very confusing way to say the govt is giving bonds to Nomura so that it issues credit linked notes to investors? Or selling them to the bank? But the article reads, selling "back". So not really sure about the order of events...

Also, remember it is quoting "unidentified industry sources" and an oppo legislator...So not very trustworthy when it comes to accuracy of information..

06-23-17  carib

Hernie: linked to which credit? Veny bonds?

06-23-17  Alex


> the story is true and got better

and no references by the patient, as usual.

06-23-17  Hernie

The below seems odd to me...Issuers of credit-linked notes are typically banks not governments...So does the below mean that the govt. bought credit-linked notes from Nomura and is now closing the position? Not very clear...


Venezuela Said to Discuss Selling Notes Back to Nomura: Reuters

By Ronald Day

(Bloomberg) -- Venezuela central bank seeking to sell $710m in credit-linked notes back to Nomura in effort to raise cash, Reuters said, citing unidentified finance industry official and opposition legislator Angel Alvarado.

Nomura issued the notes to Venezuela in 2008; Venezuela willing to sell notes back to Nomura at discount before they mature
Nomura declined to comment to Reuters

06-23-17  Hernie

Siobhan just discovered lukewarm water (Spanish expression for reinventing the wheel).


DJ Oil Holds The Key For Venezuela's Government -- Market Talk

12:15 ET - Venezuela can still muddle through bond payments this year if oil prices remain at current levels, says Nomura economist Siobhan Morden. If oil prices continue falling, the government will struggle to avoid a disorderly default, likely leading to its downfall and a political transition, she writes
in a note to clients. Oil prices have fallen around 20% since February.

06-23-17  mniam


> the story is true and got better

so the man is stupid as well as boring. how not surprising. i have seen a number or stupid rich men blow away their (inherited) money in this way. cascais was a great place for making such observations. :)

06-23-17  Hernie

Goldman Probe Sought by Venezuela Lawmaker Over PDVSA Deal (1)

Cites alleged violations of Foreign Corrupt Practices Act

$150 million are missing, lists ‘number of
irregularities’By Jose Enrique Arrioja and Christine Jenkins

(Bloomberg) -- The head of Venezuela’s National Assembly asked U.S. authorities to investigate a $2.9 billion bond deal involving Goldman Sachs Group Inc. and Nomura Securities Co., saying the transaction fleeced the country for the benefit of political elites.

Julio Borges, an opponent of President Nicolas Maduro, addressed letters to the U.S. Securities and Exchange Commission, the Financial Crimes Enforcement Network and Financial Industry Regulatory Authority asking officials to undertake a probe. The letters were posted by opposition lawmaker Angel Alvarado, a member of the National Assembly’s Finance Committee.

Borges has railed against the transaction since it was revealed late last month, saying that Wall Street banks were providing a lifeline to a despotic regime desperate for cash by purchasing national assets at fire-sale prices. According to the letter, Goldman Sachs paid just 31 cents on the dollar for bonds from the state oil company with a face value of $2.8 billion that had been held by Venezuela’s central bank. The price was more than 10 cents less than what similar notes were trading for at that time, according to Borges.

In a detailed account of the transaction carried out in late May, Borges says that “it is our understanding that there is enough evidence of wrongdoing for the U.S. government to start an investigation against Goldman Sachs and Nomura” under the Foreign Corrupt Practices Act.

Borges says the assembly has obtained documents that show Venezuela’s central bank board approved selling the bonds originally issued by Petroleos de Venezuela SA. They were first bought by Commonwealth Bank and Trust, which then listed them for sale using Dinosaur Merchant Bank and Midclear SAL as intermediaries.

Commonwealth Bank and Trust is based in Dominica, Dinosaur Merchant Bank in London and Midclear SAL in Lebanon. However, “according to numerous sources, the ultimate beneficiary owners of all three institutions are Venezuelan citizens with a history of carrying out corrupt business with the Venezuelan government and its officials.” The letter doesn’t provide the names of the citizens.

Commonwealth, Nomura and Midclear didn’t return emails and phone calls seeking comment on their role in the deal. Dinosaur declined to comment. Goldman Sachs’s asset management unit, which bought the securities, has said it didn’t have any direct dealing with the government and has denied any wrongdoing. Andrew Williams, a spokesman for the bank, didn’t immediately respond to a call for comment on Borges’s letter.

Borges said Nomura also bought $100 million of the same bond at the same discount.

In the two days after the purchase by Goldman, Venezuela’s international reserves increased by only about $750 million -- which Borges said implies a substantial, above-market fee paid to the broker. The money paid by Nomura is also unaccounted for, he said. In total, Borges says there’s $150 million that’s missing. Reserves were $10.15 billion as of Tuesday.
“The pricing and spread paid by each institution to Dinosaur suggest price fixing and above-market commissions," he said. “All this has led us to believe that acts of corruption may have been committed under our legislation.”

In April , Venezuelan lawmakers reached out to big Wall Street firms including Goldman Sachs, asking them not to help the country monetize $7.7 billion in gold reserves. In an editorial May 26 , Harvard University economist Ricardo Hausmann -- a former planning minister in Venezuela and long-time critic of the current government -- called on JPMorgan Chase & Co. to remove Venezuela from its bond indexes so investors tracking the gauges aren’t compelled to buy those notes.

(Updates to add reserve levels in ninth paragraph.)--With assistance from Noris Soto and Dakin Campbell.

06-23-17  mniam


i do own ETP but its not an oversized position

06-23-17  mniam


merlino's ideas about how things work, and especially how they worked in the golden age of distant past (about which we know nothing), are very endearing.

here is how self regulation of hunting of giant marsupials in Australia:

New evidence based on accurate optically stimulated luminescence and uranium-thorium dating of megafaunal remains suggests that humans were the ultimate cause of the extinction of megafauna in Australia.[6][7]

but thats wikipedia, of course, and Merlino's sources are far more reliable. :)

06-23-17  mniam


yes, im in the midstream pipelines. in fact, i will probably add a few more next week. the stocks trade with oil and nobody knows how low oil will go; so maybe the pipelines stocks will continue to go south; i dont think they will ever again go as far south as they did in March 2016, because, for one thing, there is much less leverage in the sector (it is largely underowned); but if they do, then i will mortgage everything i own to buy every single stock of EDP i can lay my hands on. the basic thesis of the investment remains the same, the cashflows of pipelines are not linked to price of oil but volume processed; and the volume is mostly a function of US consumption rather than US production (ie if fracking comes to a stand still, the main pipelines will continue to carry oil, its just this time it will be arab oil)

06-23-17  panasonic

amigo, very true...Almagro should leave, he is an idiot...

...all idiots should go.

06-23-17  amigo-latino

Almagro sufrio "derrota"

_Maduro pide renuncia de Almagro para evaluar retorno de Venezuela a la OEA

"Almagro lleva con Venezuela más de 15 derrotas, y más apabullante la que le acabamos de propinar a Luis Alamgro, debería renunciar a la OEA y permitir que los países nos ocupemos de recuperar y reorganizar la OEA, si es que fuera el caso", dijo el mandatario durante una rueda de prensa.

Venezuela no vuelve a la OEA más nunca, más nunca entrará nadie de la OEA en este país (...) La OEA que se olvide de Venezuela, Almagro que se olvide de Venezuela, lo que debería estar pensando es en renunciar por inmoral, por fracasado", añadió.

Diez países de la Comunidad del Caribe (Caricom) prometieron votar a favor de una resolución sobre la crisis de Venezuela consensuada con el grupo de los 14, pero cuatro retiraron su respaldo en el último minuto, informaron a Efe fuentes diplomáticas.

Este fue el motivo por el que no se alcanzaron los 23 votos necesarios en la reunión de cancilleres celebrada el lunes en Cancún previa a la Asamblea General de la OEA, aunque al comienzo del encuentro los impulsores del encuentro anunciaron que tenían los apoyos para sacar adelante el texto._

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