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Last 50 Postings | Last 100 Postings


05-24-17  pillz

but for me they are like tulips a few centuries ago in Holland ....

05-24-17  pillz

Leo, I don't know..., he is buying the stock...

05-24-17  leopardo

PILLZ CAN YOU BUY IT VIA BANK?CAN YOU OPEN A BITCOIN BANK ACCOUNT?

05-24-17  pillz

NO Leo, but I have a very clever friend that believe in it...

05-24-17  leopardo

Hernie I agree with you...but...before calling it DOA dead on arrival let's see how it will works, the exchange rate and if the pre requisites change for the better over time...

05-24-17  Hernie

https://www.dicom.gob.ve

So it seems they hired a Silicon Valley designer for the website? :)

05-24-17  Hernie

05-23-17 savo

another opportunity wasted.... they continue writing stupid rules when the only thing that works is the market supplying and demanding and finding a market rate... then everything else falling in line...

The good part of it is that the economy will continue paralised and bonds at 30, 40 and 50 cents..

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

Indeed...Leo, I spoke to a friend yesterday who mentioned that the new DICOM is dead on arrival (as suspected). Too many rules, open only twice a week, with upper and lower ranges, etc. etc. Let's see if reality is different but I err on the side of caution.

05-24-17  leopardo

Pillz do you have bitcoins?Are you a buyer?

05-24-17  mniam

i did not receive any clit on PdVSA this month! :)

05-24-17  pillz

French minister says Manchester attack suspect probably travelled to Syria

09:04 (24/05) - Bron: RTRS

PARIS, May 24 (Reuters) - British investigators told French
authorities that the suspect in the Manchester bombing had
probably travelled to Syria, French Interior Minister Gerard
Collomb said on Wednesday.
British police said on Tuesday they believed British-born
Salman Abedi, 22, carried out a suicide bombing at a concert
hall that killed 22 people, including children.
"Today we only know what British investigators have told us
- someone of British nationality, of Libyan origin, who suddenly
after a trip to Libya, then probably to Syria, becomes
radicalised and decides to carry out this attack," Collomb told
BFMTV.
Pressed on how he knew Abedi had been in Syria, Collomb said
this was the information that French and British intelligence
services had.
Asked if he believed Abedi had the support of a network,
Collomb said: "That is not known yet, but perhaps. In any case,
(he had) links with Daesh (Islamic State) that are proven."

////

UK’s high-alert brings troops on to the streets

Rare move to ‘critical’ threat triggers ‘Operation Temperer’ to boost security effort

https://www.ft.com/content/8ac78020-4002-11e7-82b6-896b95f30f58


05-24-17  pillz

New day, same story! #bitcoin tops USD 2300, up more than 140% for the year.

https://twitter.com/jsblokland?ref_src=twsrc%5Etfw&ref_url=http%3A%2F%2Fwww.tijd.be%2Fmarkten-live%2Flive-blog%2FMoody-s-verlaagt-rating-China%2F9897535


05-23-17  pillz

Global foreign exchange rates

Currencies against the US dollar, year-to-date change

http://fingfx.thomsonreuters.com/gfx/rngs/GLOBAL-CURRENCIES-PERFORMANCE/0100301V041/index.html

05-23-17  savo

another opportunity wasted.... they continue writing stupid rules when the only thing that works is the market supplying and demanding and finding a market rate... then everything else falling in line...

The good part of it is that the economy will continue paralised and bonds at 30, 40 and 50 cents..

05-23-17  Merlino

Orherwise new rules seem to have been written by some literature academics. Well, may be they were

05-23-17  Merlino

In practice they have been moving from several months already to free fx rates for individuals and bz

No more lines in supermarkets and pharmacies as no subsidized products are available (perhaps one can stil find some in marginal popular mkts this I do not know)

I presume one can get most everything providing one can pay for it. I do not think gov care about this at all, to the contrary.

05-23-17  carib

sorry. 400K per month (another source was incorrect). only 3 years in line to get the dollars for spare parts.

05-23-17  carib

Example: I have Polar beer factory, and need to import spare part for bottling machines, costing 15 million $. such machines are not available in Veny.
Does it take 40 years in line to get the dollars?

05-23-17  carib

Leo:

El vicepresidente del área Económica Ramón Lobo, ofreció detalles este martes sobre el inicio del nuevo sistema Dicom, cuyo tipo de cambio será un cruce entre la oferta y la demanda.

Dijo que las personas naturales podrán subastar 2000 dólares al año y hasta 500 dólares trimestrales.

Mientras que las personas jurídicas podrán solicitar hasta 400.000 dólares mensuales.

"Vamos a publicar todos los beneficiarios que van a recibir divisas a través de los portales del BCV y del Dicom", señaló Lobo.


Leer más en: http://www.elmundo.com.ve/noticias/economia/politicas-publicas/personas-naturales-podran-subastar---2000-al-ano-c.aspx#ixzz4hvP8oyDY

05-23-17  leopardo

2000 000 carib anyway the limits are there..

05-23-17  carib

DICOM: 2.000 dollars a year max for people.. and pets.
400K dollars a year max for corps.
big corps and wealthy people: deal directly with Diosdato.

05-23-17  pillz

Odebrecht oil-industry services unit reaches deal on debt restructuring





Odebrecht Óleo e Gas, the oil-industry services subsidiary of the embattled Brazilian conglomerate, said on Tuesday that it reached a restructuring deal with a pool of creditors that hold about $5bn in debt.

The holding company is in the midst of a corruption scandal that has sent shock waves across the Americas.

The company said in a statement: “The terms of the restructuring were consensually agreed with a group of creditors representing more than 60 per cent of the total amount of the restructured claims.”


That includes $3bn in debt notes and $2bn in corporate creditors, such as “some of the largest Brazilian banks and large international fixed-income investment funds,” added Odebrecht Óleo e Gas.

05-23-17  pillz

Why investors downplay US debt binge risks

Company borrowing at near-record levels offset by lower leverage metrics

https://www.ft.com/content/fc486ec4-3f64-11e7-9d56-25f963e998b2

05-23-17  leopardo

NO Dicom news as of now...

05-23-17  pillz

oooops , clit 6% 2024 in :-)

05-23-17  spaldo

many thanks, Hernie.

05-23-17  Hernie

Clips clips finally received guys...

05-23-17  MART

Bloomberg Headlines-

DTC Said to Tell Investors PDVSA Coupon Payments Being Processed

By Christine Jenkins
(Bloomberg) -- The Depository Trust Company told investors that the payment for PDVSA coupons due last week are in process, according to two people with knowledge of the matter.
* DTCC, the parent company for DTC, didn’t reply to an e-mailed request for comment; PDVSA said it would issue a statement soon
* NOTE: PDVSA Coupon Delays Symptomatic of Cash Flow Strain:
Torino
* NOTE: PDVSA has not issued statement on coupon payments due this month
* NOTE: PDVSA’s 2035 bonds fell 0.42 cent to 47.05 cents on the dollar


PDVSA Coupon Delays Symptomatic of Cash Flow Strain: Torino

By Christine Jenkins
(Bloomberg) -- Delays in PDVSA coupon payments this month is symptomatic of the severe cash strain that Venezuelan authorities are under, Torino Capital chief economist Francisco Rodriguez says in e-mailed response to question.
* “Precisely because of these constraints, the important story is that they are continuing to make the payments”
* “From the standpoint of bond holders, receiving coupon payments with a two or three day delay given the country’s current conditions is akin to getting a glass that is more than 90% full”
* Torino report estimates that local holdings account for 27.7% of all the country’s outstanding bonds including recent Venezuela 2036 issuance and the PDVSA 2022 bond
* Torino says both private and public onshore bond holdings can be used by authorities to cover hard-currency financing needs in the event that other sources of external financing are unavailable
* Govt still holds control over ~$9b market value of bonds that it can use to cover its external financing needs over next few years
* Results show govt controls low amounts of bonds that have amortization payments scheduled in 4Q, putting the company in a vulnerable position if foreign bondholders are unwilling to participate in a hypothetical bond swap offer
* NOTE: PDVSA Is Said to Make $135 Million Coupon Payment After Delay
* NOTE: PDVSA has not issued statement on coupon payments due this month
* NOTE: PDVSA’s benchmark bond due in 2035 fell 0.34 cent to
47.13 cents on the dollar at 1:07 p.m. in New York

05-23-17  leopardo

THANKS HERNIE LET'S SEE WHAT THEY WILL SAY TODAY....

05-23-17  leopardo

THANKS HERNIE LET'S SEE WHAT THEY WILL SAY TODAY....

05-23-17  Hernie

Leo - I spoke to someone in Venny and he mentioned that DICOM opened yesterday (not today) and that today they will publish yesterday's results...

05-23-17  leopardo

Today DICOM DAY..

05-23-17  Hernie

Interesting...

http://2oqz471sa19h3vbwa53m33yj.wpengine.netdna-cdn.com/wp-content/uploads/2017/05/black-market-oil-infographic.jpg

The Savo theory of unreported production has some legs in light of the above...

05-23-17  Hernie


05-23-17 optimist

i got 2026 coupon - paid on may 19, backvalued to may 15. still no money from 2035.

++++

Opti, I have no 2026 but my broker told me exactly the same yesterday. That they received the interest of the 2026...I presume we will have to wait a few more days for 35, 21 and 24...

05-23-17  optimist

i got 2026 coupon - paid on may 19, backvalued to may 15. still no money from 2035.

05-23-17  pillz

still NO clit of the pdvsa 6% 2024 ....

05-23-17  Hernie

Another day, another terrorist attack in Europe...Let's keep disregarding these because the risk of getting killed for an individual is "statistically insignificant". Never mind the frequency (also a statistical concept)....

05-23-17  bond

I think, Danni - you have this one?

Odebrecht Óleo e Gás renegotiates $5bn debt
By Graziella Valenti | São Paulo

Odebrecht Óleo e Gás (OOG) filed late Monday for out-of-court restructuring in the Rio de Janeiro Justice. The company will reorganize the payment flow and terms of a total of $5 billion in debts, with no changes to the final sum.

ode

Roberto Simões
It's the last pending debt restructuring of an Odebrecht unit. The transaction doesn't affect the holding company because it doesn't involve warranties from the parent, which will inject R$100 million in working capital in OOG though a capital increase, says its president, Roberto Simões. “It's a way of showing the group is betting on the business.” Odebrecht fully controls OOG now. It purchased last year the shares of minority partners – Singapore sovereign wealth fund Temasek (11.5%) and asset manager Gávea (5%).

OOG had been in negotiation with creditors for the last 18 months. Mr. Simões says problems started in September 2015 when Petrobras canceled the contract of one out of seven drillships operated by OOG. OOG had been conducting talks since the first half of 2016 in a way that ensured an out-of-court solution, he says. Lazard provided financial advisory while law firm E.Munhoz Advogados handled the legal side.

The out-of-court restructuring is presented to the judge after approval by creditors. At least 60% of the debt must have agreed with the plan. While appearing simpler because if forgoes creditor meetings, OOG's plan is sophisticated and uses unusual structures in Brazil with three different conditions, as if the company were presenting three separate plans.

The process doesn't include operating debts with suppliers and workers because OOG is current on those outlays, Mr. Simões says. The restructuring includes $3 billion in bonds issued abroad in a project finance structure for the six operating drillships. This share involves $1.1 billion maturing in 2021 and another note of $1.9 billion maturing in 2022.

OOG holds another $2 billion in corporate debt. The Petrobras contract's cancellation generated $575 million of that when it violated debt covenants. Banco do Brasil and Bradesco also hold $550 million owed directly by OOG.

The company won support from 69% of foreign investors in the 2021 bonds; 63% of the 2022 bonds; and of 79% of corporate debt holders. Talks ended Friday when OOG managed to reach the minimum threshold required. Pimco is one of the biggest creditors supporting the restructuring.

OOG's corporate debt will be swapped with foreign bonds offering a profit sharing element. The bond's maturities become perpetual and creditors receive about 30% of the business' profit. Such structure, in which creditors accept a bond swap that isn't a debt security or a share but still pays some kind of dividend, is little explored in Brazil.

As for the international bonds, which are secured by the drillships, both will be swapped by new securities issued in two tranches. The first has the same yields and terms, adding up to $1.01 billion – $500 million maturing in 2021 and $510 million maturing in 2022. The second tranche, with subordinated notes, will hold the remaining $2 billion. They pay an extra 1% a year but amortization only starts after the first tranche is redeemed.

Mr. Simões underlined that creditor talks solved a relevant issue on the operating side. OOG will not have to pay for all maintenance of the drillships, even if the transaction isn't profitable. Creditors authorized the company to access the operation's cash flow to ensure equipment is maintained, privileging it over financial obligations.

The president says OOG has annual revenue of about $1.1 billion, with EBITDA of around 45%. In addition to maintaining oil platforms, the company has six drillships and two floating production storage offshore (FPSO) vessels, along with two pipelaying ships.

05-23-17  Alex

contrary to Argentina, who produce all most food, textile etc. locally, Venezuela is completely dependent on imports.

So, how will this work out in case of default? UGLY

05-23-17  Hernie

05-22-17 ruspan

People who stupidly said "it can not get worse" got a very nasty surprize . Exactly three times worse it got.

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

Indeed Ruspan. If there is one thing we can be sure of regarding Venny is that it can get much much worse....

05-23-17  Hernie

05-22-17 panasonic

Hernie, Veni has been sacked to the bone...Maduro with a mediocre Gov.
would be unbeatable...now is no-man land...opposition cannot give people
what they want, free travel &stuff...what comes next will require leadership
and there is not, so big chance of chaos, broken promises, caudillos...
to me all that works against bonds...as posted here two years ago, we needed
something bit less mediocre than Maduro for smooth ride...sadly we got him.

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

Amanacera y veremos Pana....

05-23-17  Hernie

DTC Said to Tell Investors PDVSA Coupon Payments Being Processed
By Christine Jenkins

(Bloomberg) -- The Depository Trust Company told investors that the payment for PDVSA coupons due last week are in process, according to two people with knowledge of the matter.

DTCC, the parent company for DTC, didn’t reply to an e-mailed request for comment; PDVSA said it would issue a statement soon.

05-23-17  glutt

Mniam, Ruspan is longing for you on "Other Stuff" board :)))))))))))))

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