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Major banks have stopped trading the bonds of Venezuela's state- owned oil firm PDVSA for clients after the United States imposed sweeping sanctions on the firm, according to fund managers. The ...
Major banks have stopped trading the bonds of Venezuela's state owned oil firm PDVSA for clients after the United States imposed sweeping sanctions on the firm according to fund managers. The ...
Venezuelan dollar bonds and those of PDVSA tumbled on the cancellation news, with Venezuela's 2027 maturity down 2.25 cents, last bid at 19.75 cents on the dollar. The PDVSA 2020 dropped one cent ...
In October 2018, PDVSA paid $949 million on its Citgo backed bond to investors, a payment many analysts thought was impossible for the company given its recent liquidity struggles. [52] The payment meant that PDVSA would continue to own Citgo, but failure to pay would result in Citgo transferring ownership to one of PDVSA's creditors.
February 20 – The New York Court of Appeals decreed that bonds of the PDVSA are subject to Venezuelan law in agreement with the New York Uniform Commercial Code after five years of litigation, which calls into question the control and guarantee established in the jurisdiction of the United States for the protection of bondholders. [37 ...
With the exception of PDVSA's 2020 bonds, [89] as of January 2019, all of Venezuela's bonds are in default, [90] and Venezuela's government and state-owned companies owe nearly US$8 billion in unpaid interest and principal. [91] As of March 2019, the government and state-owned companies have US$150 billion in debt. [88]
The PDVSA 2020 bond, backed by shares in U.S. refiner Citgo Petroleum Corp, is expected to go into default by Tuesday because a $913 million payment comes due on Monday and the cash-strapped ...
The U.S. imposed additional sanctions on PDVSA on 28 January 2019 to pressure Maduro to resign during the 2019 Venezuelan presidential crisis. [105] [106] The sanctions prevented PDVSA from being paid for petroleum exports to the U.S., froze $7 billion of PDVSA's U.S. assets and prevented U.S. firms from exporting naphtha to Venezuela. Bolton ...