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Mittwoch, 23. November 2016

PDVSA Condemns ‘Totally False’ Reports of Missed Bond Coupon (2)

PDVSA Condemns ‘Totally False’ Reports of Missed Bond Coupon (2)

  • Company says it made interest payments made on 2021, 2024 debt
  • PDVSA says 2035 bond coupon is in the process of being paid
Venezuela’s state-owned oil company Petroleos de Venezuela SA denied that it missed coupon payments on bonds.
JPMorgan Chase & Co. said in a report published Monday that the company, which last month persuaded investors to accept a debt exchange as it struggles to fend off default, hadn’t fully paid coupons on bonds due 2021, 2024 and 2035. JPMorgan said it still expected the payments to be made within the grace period and that the delay wouldn’t amount to a default. Clearstream Banking SA on Tuesday confirmed it had not yet received the coupon payments for any of the three bonds.
PDVSA paid the interest on its 2021 and 2024 bonds and the interest on its 2035 bonds was in the process of being paid, the company said in a statement posted by PDVSA’s chairman and Venezuelan oil minister Eulogio Del Pino on his Twitter account late Monday. The company said it categorically rejected the false accounts published in the media.
“It was, in effect, sent to Citibank and then JPMorgan comes out with that totally false information this afternoon, which became a trending topic on Twitter,” Del Pino said on late-night television talk show Zurda Conducta.
Del Pino suggested that bondholders should call Citigroup Inc. and complain about the late payment. Citibank deliberately delayed payments from PDVSA as part of a “campaign of terror” against the company, he said.
PDVSA’s bonds due 2035 rose 0.93 cent to 44.28 cents on the dollar as of 1:33 p.m. New York time, after falling 1.54 cent on Monday. Its bonds due in April rose 0.22 cent, after falling 1.37 cent on Monday.
Del Pino said that PDVSA had been under attack, ever since it announced last month’s bond swap, by opponents who want the company to default so that international investors can divide its assets among themselves.
The payment on the 2035 debt is in the process of being paid, within the terms and conditions of the bonds, the company said. PDVSA is availing itself of the 30-day grace period for late payment, Del Pino said.
JPMorgan and Citigroup didn’t immediately respond to e-mailed requests for comment.
(Adds Clearstream not receiving payments in second paragraph, bond prices in sixth paragraph.) --With assistance from Ben BartensteinChristine JenkinsFabiola Zerpa and Katia Porzecanski.

To contact the reporter on this story:
Sebastian Boyd in Santiago at
To contact the editor responsible for this story:
Brendan Walsh at

Click here to view story in Bloomberg

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