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PDVSA must cancel $ 842 million of 2020 bond today
Analysts of Torino Capital consider that this Friday will be the payment without problems.
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IVONNE AYALA
October 27, 2017 04:30 AM
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PDVSA must cancel $ 842 million of 2020 bond today
Caracas.- Petróleos de Venezuela will issue 842 million dollars today to cancel the first amortization of the Pdvsa 2020 bond, as established in the payment schedule, according to its twitter account, the specialized firm in financial markets, Kapital Consultores.
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This analysis company said that both October and November are two of the most critical months of the year, because "Venezuela and PDVSA will have to pay $ 3,998 million for external bond debt service."
"It corresponds to comply with the commitment to pay two amortizations: $ 842 million from the PDVSA 8.5% 2020 and $ 1.122 million from the PDVSA 8.5% 2017. If to these $ 1,964 million per capital we add the bond interest, both PDVSA and of Venezuela, referring to these two months, the total amount amounts to $ 3,525 million, which represents 36% of the total foreign debt service of Venezuela and PDVSA in 2017, "we met.
According to Kapital data, in the first eight months of the year, Venezuela and PDVSA fulfilled debt commitments totaling $ 5,694 million: $ 3,636 million for interests and $ 2,058 million for capital (PDVSA 5.25% 2017). corresponding to the last amortization of PDVSA 8.5% 2017 for 1.2 million dollars to be paid on November 2, the guarantee of which is Citgo, PDVSA's Houston-based refining and retail subsidiary.
The other payment is the $ 842 million corresponding to the first amortization of PDVSA 8.5% 2020, referred to the beginning of this note whose payment date is October 27, these being the strongest of the period.
The bonus to be canceled today, "was issued in October last year to be exchanged by PDVSA 2017."
For analysts in the market, concern has arisen that Venezuela has taken advantage of the grace periods that allow 30 days to be deferred, the execution of interest payments of about $ 586 million, $ 349 million of Pdvsa and Elecar (Electricidad de Caracas) bonds, , and two Sovereigns.
However, Deputy Vice President of Torino Capital, Ignacio Dávila, told the US television station CNBC that he believes Venezuela will pay its payments on Friday.
"In that case, he said, Venezuelan bonds of different maturities should have a good performance in the coming days," he said.
On the other hand, the National Public Credit Office (ONCP) reported on Thursday that funds were transferred to the Central Bank of Venezuela to pay the national public debt coupons VEBONO010223, VEBONO24042024 and TIF10030
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