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Issuer closes its first overseas trade since Moody's downgrade in May
Progress to bring down government deficit will be slow, warn economists
It will be better for all in the long run if Venezuela can prioritise domestic spending over debt repayments
◆ Venezuela embarks on historic debt restructuring ◆ Canada suggests covered bond boost ◆ European Secured Notes are here. Regulate them
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Venezuela's petro seems destined to hang around like a bad smell rather than drifting into obscurity, as it deserves to. The country's president Nicolás Maduro has made it the basis of his country’s economy. It is an utter farce. -
New US sanctions announcements on Russia, chatter around new IMF financing for Angola and a desperate economic recovery plan in Venezuela are keeping those emerging market portfolio managers still at their desks busy. But low volumes are playing havoc with EM secondary levels as traders embrace the quietest trading week of the summer.
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Venezuela has adopted a radical approach in its attempt to rein in its out-of-control economy, effectively devaluing its currency by almost 96% and pegging the value to Venezuela’s oil-backed pseudo-cryptocurrency — widely considered a scam.
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Fitch Ratings has downgraded Ecuador from B to B- on the back of its rapidly rising debt burden, even though the country finally has a finance minister popular with bond investors.
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The drought in Latin American new issuance stretched to six weeks by Thursday, but DCM bankers are now more concerned by prospects for September after contagion from Turkey hit Lat Am assets this week.
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Venezuelan state oil company PDVSA saw its 8.5% 2020s drift back upwards this week after taking a hit on the back of a US court ruling that caused some concern about bondholders’ ability to claim their collateral.
