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2017-11-14 17:55:00

VENEZUELA'S SELECTIVE DEFAULT

VENEZUELA'S SELECTIVE DEFAULT

REUTERSVenezuela's cash-strapped government said a plan to refinance some $60 billion of bonds was successfully underway after a creditors' meeting in Caracas, but a ratings agency declared the nation in selective default over missed coupon payments.

President Nicolas Maduro's negotiating committee met briefly on Monday with investors but offered no firm proposals on its intention to reformulate Venezuela's crippling foreign debt amid an unprecedented economic meltdown.

"The process of refinancing Venezuela's foreign debt began with resounding success," a government statement said late on Monday, amid the impact of U.S. financial sanctions and unfair assessments by international rating agencies.

The 100 or so participants in Monday's meeting included bondholders from Venezuela, the United States, Panama, Britain, Colombia, Chile, Argentina, Japan and Argentina, the statement said.

"The start of this refinancing of our debt ratifies our full intention to comply, as we have always done, with all our obligations," it said.

Bondholders, however, saw things differently.

Participants in the meeting came away still confused over how Venezuela plans to avoid a default, given the parlous state of its finances, and how any refinancing could be worked out given President Donald Trump's sanctions.

The U.S. measures essentially block the issuing of any new Venezuelan debt, while there are also sanctions on chief negotiators, Vice-President Tareck El Aissami and Economy Minister Simon Zerpa, for drug and corruption charges.

"Nothing of substance happened," said Raymond Zucaro, chief investment officer at Miami-based RVX Asset Management, who did not attend Monday's meeting. "The patient is still on a critical life support system."

Further complicating the situation, S&P Global Ratings declared Venezuela in selective default after it failed to make coupon payments on bonds due in 2019 and 2024 within a 30-day grace period. The agency warned there was a strong chance it would miss further payments within three months.

S&P said in a statement late on Monday that Venezuela had failed to make $200 million in coupon payments for its global bonds due 2019 and 2024 within a 30-calendar-day grace period.

Bondholders had told Reuters on Monday they had not yet received payments on the 2019 and 2024 bonds but remained unconcerned by the delay, which they said was partly due to increased bank vigilance of Venezuelan transactions in the wake of U.S. sanctions.

S&P said it had lowered Venezuela's long-term foreign currency rating to 'SD', and cut its long- and short-term foreign currency sovereign credit ratings on the Bolivarian Republic of Venezuela to 'SD/D' from 'CC/C.

"Our CreditWatch negative reflects our opinion that there is a one-in-two chance that Venezuela could default again within the next three months," S&P said in its statement.

The ratings agency said it would raise its long-term foreign currency sovereign issuer credit and issue ratings to 'CC' if Venezuela solved its default on the overdue coupons and remains timely on other payments before the restructuring is completed.

Four years of recession in the South American OPEC member, fueled by failing socialist economics and a plunge in global oil prices, has taken a punishing toll on Venezuelans.

Many citizens skip meals or suffer from malnutrition and preventable diseases because they cannot find food and medicine or simply cannot afford them due to triple-digit inflation.

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Earlier:

VENEZUELA'S OIL PRODUCTION DOWN
2017, November, 13, 10:25:00

VENEZUELA'S OIL PRODUCTION DOWN

Output is expected to slump to 1.84 million barrels a day next year, the lowest compared with official government data since 1989.

 

 VERY IMPORTANT VENEZUELA
2017, November, 7, 12:15:00

VERY IMPORTANT VENEZUELA

The step to restructure debt comes as Venezuela stands to receive more revenue for its oil. The country’s crude oil basket price rose to CNY350.75 ($52.90) a barrel Friday, the highest since July 2015. And Venezuela did approve a $1.1 billion principal payment on a PDVSA bond on Thursday.

 

 U.S. - RUSSIA BLOCK IN VENEZUELA
2017, September, 4, 12:10:00

U.S. - RUSSIA BLOCK IN VENEZUELA

The Trump administration is ready to block a Russian state-owned oil giant from gaining control of critical energy assets in the U.S. owned by Venezuela, senior American officials say, a move that likely would feed tensions between Washington and Moscow.

 

 VENEZUELA & CHINA: $50 BLN
2016, November, 18, 18:35:00

VENEZUELA & CHINA: $50 BLN

Venezuela has borrowed over $50 billion from China under a financing arrangement created by late socialist leader Hugo Chavez in 2007, in which a portion of its crude and fuel sales to the world's second-biggest economy are used to pay down loans.

 

 BRAZIL & VENEZUELA IN SHOCK
2016, April, 20, 17:45:00

BRAZIL & VENEZUELA IN SHOCK

South America’s two largest oil producing nations face bigger threats from political turmoil than depressed crude prices, but reforms in their national oil companies (NOC) and energy ministries may be essential for their governments to survive.

 

 МЕМОРАНДУМ РОСНЕФТИ И PDVSA
2015, June, 23, 18:00:00

ROSNEFT & PDVSA DEVELOPMENT

The parties confirmed their intention to create a joint venture for gas and condensate offshore production in Venezuela as part of Mariscal Sucre project. The signed document provides for performing of additional joint research aimed at selection of optimum plan of this project implementation.

 СОТРУДНИЧЕСТВО РОСНЕФТИ И PDVSA
2015, May, 28, 18:30:00

VENEZUELA & RUSSIA INVESTMENT: $14 BLN

Venezuela and Russia's top oil producer, Rosneft, have agreed on around $14 billion in investment in the South American OPEC country's oil and gas sector, President Nicolas Maduro said on Wednesday evening.

 

 

Tags: VENEZUELA

Chronicle:

VENEZUELA'S SELECTIVE DEFAULT
November, 24, 09:15:00

SAUDI'S OIL FOR CHINA

BLOOMBERG - As Saudi Arabia led OPEC’s output cuts this year to shrink a global glut, it’s lost out on market share in the world’s biggest energy consumer. Russia in September retained the top Chinese supplier spot for the seventh straight month, while the kingdom was third.

VENEZUELA'S SELECTIVE DEFAULT
November, 24, 09:10:00

URALS QUALITY WILL DOWN

PLATTS - The quality of Russia's key Urals crude exports towards Europe will continue to fall next year as more of the country's low-sulfur oil flows are diverted eastward to China, Russian national oil pipeline operator Transneft warned.

VENEZUELA'S SELECTIVE DEFAULT
November, 24, 09:05:00

S.KOREA'S SOLAR UP

FT - OCI — the world’s third-largest polysilicon maker by capacity and South Korea’s biggest — this month reported a 3,373 per cent increase in operating profit to Won78.7bn ($72m) for the July-September quarter, its best performance in five years. Rival Hanwha Chemical saw third-quarter net profit jump 25 per cent to a record Won252bn. 

VENEZUELA'S SELECTIVE DEFAULT
November, 24, 09:00:00

U.S. RIGS UP 8 TO 923

U.S. Rig Count is up 330 rigs from last year's count of 593, with oil rigs up 273, gas rigs up 58, and miscellaneous rigs down 1 to 0. Canada Rig Count is up 41 rigs from last year's count of 174, with oil rigs up 13, gas rigs up 30, and miscellaneous rigs down 2 to 2.

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