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    AW: Venezuela

    Caracas seeks Opec extension, new non-Opec joiners

    http://www.argusmedia.com/news/article/?id=1426264

    Venezuela's average export price for the five-day trading week ending on 17 March was $41.78/bl, down by $3.39/bl from the previous week's average price of $45.17/bl, the energy ministry said.

    PdV's 2017 year-to-date average export price as of 17 March was $45.38/bl compared with 2016's full-year average export price of $35.15/bl, the ministry's weekly and monthly price movement figures show.

    President Nicolas Maduro's 2017 central government budget is based on an average export price of $40/bl. The government's budget does not include explicit oil production and export estimates. But PdV's 2017 business plan calls for holding crude output at 2.5mn b/d this year, almost the same volume produced in 2016

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    AW: Venezuela

    Exclusive: Venezuela taps small banks to handle dollar deals

    Venezuela's government is using little-known banks, including a small Puerto Rican lender, as intermediaries for some international trade operations after Citigroup last year stopped providing such services, according to the owner of one of the banks and government officials.

    The government has turned to relatively unknown institutions to provide a service known as correspondent banking, as international banks are increasingly concerned about the risks of doing business with socialist-ruled Venezuela amid investigations into corruption and drug trafficking.

    It also coincides with complaints by President Nicolas Maduro that Venezuela is struggling to obtain financial services amid a severe economic crisis characterized by triple-digit inflation and chronic shortages.

    Government officials call the drug allegations a campaign against their administration by ideological adversaries in the United States, and insist Venezuela's problems are being caused by an "economic war."

    The situation does not affect payment of state oil company PDVSA's high-yielding
    bonds, which continue to be serviced by Citi due to contractual obligation, according to a 2016 letter from Citi to PDVSA bondholders seen by Reuters.

    The country's relationship with global banks is also complicated by a 14-year-old currency control system that requires businesses to acquire dollars through the government rather than private banks.

    Correspondent banks provide an essential service that allows countries to import goods and maintain links to the global financial system. Italbank, the Puerto Rican lender owned by Venezuelan entrepreneur Carlos Dorado, has served as one for Venezuela since 2016

    Dorado told Reuters that Italbank offers correspondent services to state-owned Banco de Venezuela, which is the country's largest bank, and handles part of the government's offshore business transactions.

    "Our clients include private sector banks and state-run banks. One of those clients is Banco de Venezuela," said Dorado, who also owns Venezuelan currency exchange house Italcambio and a fashion business that distributes high-end clothing.

    He said about 10 or 15 percent of the dollar transfers from Banco de Venezuela go through Italbank

    He added that another bank being used for correspondent services include southern Florida-based Eastern National Bank, partly owned by Venezuelan bank regulator Sudeban.

    A government official with knowledge of the transactions, who asked not to be identified, confirmed Eastern National was providing such services.

    Eastern National did not respond to emails and phone calls seeking comment. Nor did Sudeban, Venezuela's central bank, or its Information Ministry, which handles queries on behalf of the Finance Ministry

    It was not immediately evident how much of the transactions Eastern National was responsible for, or which banks were carrying out the remainder of the transactions.

    "THANKS TO DORADO"

    Italbank's involvement has been crucial to ensuring basic imports following Citi's exit, the sources said.

    "Thanks to Dorado we have been able to pay for food imports," said a person close to the Venezuelan government who asked not to be identified, adding that the bank "has processed hundreds of millions of dollars in payments."

    Citi said last year it had halted correspondent services following a "periodic risk management review." Citi declined to comment for this story.

    Italbank opened in 2008 and says on its website it is focused on the Latin American market. It has a single office in San Juan and largely carries out operations online or by telephone. It operates under an offshore banking license in Puerto Rico, a U.S. territory.

    That gives it access to U.S. Federal Reserve payment services, allowing it to channel Venezuelan payments to foreign providers

    Dorado said Italbank has an account with the Fed, but has to conduct transactions manually rather than electronically, which limits the volume of operations it can handle. He says the bank's procedures comply with U.S. financial regulations.

    The Fed declined to comment.

    PDVSA did not use Citi as a paying agent for a new bond issue last year, relying instead on Law Debenture Trust Company of New York, a provider of fiduciary services, according to the bond's prospectus

    Wall Street banks worry that providing services to Venezuela could leave them with indirect financial links to the nation's commercial and political allies such as Cuba and Iran, which face various international sanctions, according to finance industry experts consulted by Reuters.

    They added that scandals - including U.S. authorities' designating Venezuelan Vice President Tareck El Aissami as a "drug kingpin" and the drug-related arrests of two nephews of the first lady - have boosted the perceived risk of doing business with Venezuela

    http://timesofindia.indiatimes.com/b...w/57736471.cms

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    AW: Venezuela

    Pdvsa prepares to make debt payments for USD 3.1 bn

    According to financial firm Torino Capital, this amount represents around one-third of the total USD 9.7 billion due to be paid this year

    In March and April, the Republic, Pdvsa and Elecar must make USD 3.16 billion in capital and amortization, around one-third of the total USD 9.7 billion due to be paid this year, financial firm Torino Capital commented this week in its weekly report

    According to the think tank, a “key date” is April 12. Then, they reasoned, Pdvsa must pay USD 2.23 billion of interest and principal on the Pdvsa 5.25% 2017, 5.375% 2027 and 5.5% 2037 bonds

    “Although the market is expecting the payment to be made, the current 56% yield on the 5 Œ PDVSA 2017s suggests that concerns about a default event remain among some participants,” Torino Capital spelled out.

    The firm expects that the Venezuelan oil holding will pay the April amortizations in cash. On that month, the oil company must pay USD 2.47 billion, with the remaining USD 694 million corresponding to the Republic and Elecar.

    “Pdvsa still has available for use most of the USD 1.5 billion Rosneft loan signed last year, and we expect it to be able to cover the remainder of the payments from its own cash flow,” reads the Torino Capital report.

    The experts remembered that Pdvsa oil sales sum to USD 2.5 billion a month,
    “affording it some space” to direct revenue flows to debt service payments.

    “If this proves insufficient, we may see the firm receive a transfer from international reserves to complete the payment, as it has done on numerous past occasions,” experts pointed out

    http://www.eluniversal.com/noticias/...for-usd_644456

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    AW: Venezuela

    Venezuela undercover: A nation on the brink

    http://www.abc.net.au/news/2017-03-2...-brink/8368730

    "Listen, it's so amazing what's going on in Venezuela and so unnecessary. "You can't believe it!'

    Kommentar


    AW: Venezuela

    Venezuela vows PDVSA will met 2017 bond payments amid stronger oil prices

    http://www.reuters.com/article/venez...-idUSL2N1GY0JO

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    AW: Venezuela

    Zitat von bischof Hier:21.03.2017, 18:48 Beitrag anzeigen
    Venezuela vows PDVSA will met 2017 bond payments
    Topperformer und Investoren, denen das Investor-Talent in die Wiege gelegt wurde, hatten daran nie einen Zweifel.

    Im Gegensatz zum amateurhaften Hetzen, Hassen, Trollen, permanent bunte Hetz-Bildchen und kindische Comics posten
    zahlt sich Talent und klarer (Sach)Verstand halt aus. Am 12.4. ist payday:

    Kommentar


    AW: Venezuela

    Der Krug geht solange zum Brunnen, bis er bricht ...

    Kommentar


    AW: Venezuela

    Zitat von asche Hier:22.03.2017, 09:44 Beitrag anzeigen
    der krug geht solange zum brunnen, bis er bricht ...
    light crude may7

    47,480 -0,760 usd 22.03.17 ric clc1
    -1,580 % 10:35 börse nymex
    Analysts largely expect Venezuela to pay, although the recent slip in oil prices is a worry.
    "The estimated $5 decline in oil prices that translates into $3.2 billion fewer petrodollars is not yet a trigger for default," Siobhan Morden, managing director and head of Latin America Fixed Income Strategy at Nomura, said in a note to clients last week.

    Kommentar


    AW: Venezuela

    die bonds schmieren gerade wie nutella wie wenn man direkt ins glas greift

    elecar18 (WKN A0TULU) hat ab 10.4.2017 nur noch weniger als 12 monate restlaufzeit, erfüllt dann die statuten für geldmarkfonds-beimischungen (vorausgesetzt der entsprechende fongman ist jemand mit stil)

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    AW: Venezuela

    Zitat von eurohypo
    Ich habe mich nicht an Vene herangetraut. Gratulation an alle Investierten.
    thanx.
    aber auch bei den herangetrauten gibt es unterschiede je nach exposure.

    Kommentar


    AW: Venezuela

    Es gibt übrigends auch sachlich-kritische Stimmen zu Venz.

    Ángel Monagas von 'lapatilla' schreibt recht viel zum Thema, so dass man dabei zusätzlich noch 'ne Menge Nebeninfos erfährt. Hier seine letzten Artikel:

    http://www.lapatilla.com/site/tag/angel-monagas/

    Kommentar


    AW: Venezuela

    Zitat von asche Hier:22.03.2017, 09:44 Beitrag anzeigen
    Der Krug geht solange zum Brunnen, bis er bricht ...
    Richtig. Das sage ich mir täglich beim Anblick meiner (wenigen) Venz-Bonds. Denn für mich stellt sich nur noch die Frage "wann" und nicht "ob". Ich glaube nämlich schon, dass irgendwas brechen wird. Und wenn es nicht der Öl-Krug ist dann vielleicht der Öl-Brunnen...

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    AW: Venezuela

    Zitat von bondino Hier:22.03.2017, 12:51 Beitrag anzeigen
    die bonds schmieren gerade wie nutella wie wenn man direkt ins glas greift

    elecar18 (WKN A0TULU) hat ab 10.4.2017 nur noch weniger als 12 monate restlaufzeit, erfüllt dann die statuten für geldmarkfonds-beimischungen (vorausgesetzt der entsprechende fongman ist jemand mit stil)
    Elecar18 in Zürich: 100k bei 81 Brief.

    Weiß da einer mehr?

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    AW: Venezuela

    Zitat von bondino Hier:23.03.2017, 14:33 Beitrag anzeigen
    Elecar18 in Zürich: 100k bei 81 Brief.

    Weiß da einer mehr?
    FSE ist billiger mit 76,50

    Kommentar


    AW: Venezuela

    Venezuela's Fuel Shortage Is Getting Worse

    the country buys fuel abroad at market prices only to sell it for pennies per gallon at home


    https://www.bloomberg.com/news/artic...ortage-worsens

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