Venezuela

A fresh round of US sanctions on Venezuela’s government can only squeeze President Maduro further, said bond investors, but meanwhile there was some confusion on Tuesday regarding the apparent ban on secondary market trading of PDVSA debt by US persons.

A fresh round of US sanctions on Venezuela’s government will add to the pressure on 46th president of Venezuela Nicolas Maduro to clear off, said bond investors.

The US sanctions slapped on Petroleos de Venezuela (PDVSA) this week look similar to those that have just been removed from Russia’s EN+ and Rusal. The move indicates that the US believes in the effectiveness of sanctions and is happy to keep deploying them. Emerging markets investors should beware.

Corporación Andina de Fomento (CAF) is planning to issue its first public green bond this year, after kicking off its 2019 funding with a euro benchmark and announcing plans to meet US investors next week.

Bond investors and analysts warned on Wednesday that there was still deep uncertainty in store for Venezuelan bondholders even if market hopes materialise and Nicolás Maduro is soon to leave the presidency. Moreover, not everyone thinks his imminent exit is a given.

South American development bank Corporación Andina de Fomento (CAF) had its first outing in bond markets on Wednesday with a new euro benchmark as it took advantage of a favourable euro/dollars basis swap.

Investors were eager to point out that the keen sense of anticipation over regime change in Venezuela hides a reality fraught with uncertainty. But as chaos grips the country, bondholders spy long-term opportunities. Oliver West reports.

South American development bank Corporación Andina de Fomento (CAF) sold its first public dollar deal in a year on Thursday, raising $750m despite tough market conditions.

South American development bank Corporación Andina de Fomento (CAF) is due to price to a first public dollar deal in a year on Thursday, having set price talk on Wednesday.

Venezuelan state-owned oil giant PDVSA is likely to make a principal payment on its amortising 2020s due later this week as all evidence suggests the company is desperate to keep hold of the US refinery that serves as collateral for the bond, according to Torino Capital.

South American development bank Corporación Andina de Fomento (CAF) could turn to the public bond markets to begin its pre-funding for 2019, having issued its largest ever private placement last week to bring its 2018 financing programme close to completion.

South American multilateral lender CAF (Corporación Andina del Fomento) opened its first new line in Australian dollars for over a year on Thursday with a new five year benchmark.