PDVSA

Frontrunning: December 15

  • Some GOP Senators Press for Late Changes in Tax Bill (WSJ)
  • Here’s Where the GOP Tax Plan Stands Right Now (BBG)
  • Harvard Endowment Chief Pushed for Steeper Devaluation of Assets (WSJ)
  • Net neutrality repeal gives Democrats fresh way to reach millennials (Reuters)
  • With Fox Deal, Disney Adds Hulu to Its Digital Kingdom (WSJ)

Venezuela Arrests Former Oil Minister And Ex-Head Of PDVSA

As OPEC is set to celebrate the extension of the cartel's oil production cut for another year in Vienna, Venezuela former-oil minister and the former head of the now defaulted state energy company PDVSA have no reasons to celebrate following their overnight arrests in Venezuela.

Bankrupt Venezuela Is Demanding Oil From JV Partners Without Payment

A cash-strapped, and bankrupt, PDVSA has resorted to siphoning oil from its cash-paying joint ventures with foreign firms to feed its domestic refineries: "PDVSA started requesting some cargoes from Petrocedeno. Now it is asking Petropiar to relinquish almost half of its crude production."

Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured

In a long overdue, and not exactly surprising decision, moments ago the ISDA Determination Committee decided, after punting for three days in a row, that a Failure to Pay Credit Event has occured with respect to both the Bolivarian Republic of Venezuela as well as its state energy company, PDVSA.

Venezuela Officially Declared In Default

"The Issuer’s failure to pay interest on the Notes when due on October 10, 2017 constitutes a Default under the Indenture. The Paying Agent has further notified the Trustee that the interest payment was not received by November 9, 2017. "

Venezuela Just 24 Hours Away From Formal Declaration Of Default

ISDA has agreed to review a request to determine whether an event of default has occurred in Venezuela due to a delayed bond payment on PDVSA bonds which matured on Nov. 2. The ISDA Determinations Committee will hold its first meeting regarding PDVSA at 11am on Friday, November 10.

Frontrunning: November 9

  • In China, Trump Cajoles Xi With Tough Talk, Flattery (WSJ)
  • Trump’s Flashy $250 Billion China Haul Has Little Substance (BBG)
  • Blame Game Over Rising Health-Insurance Premiums Begins (WSJ)
  • How to End Our Long National Tax Nightmare (BBG)
  • Trump Says Democrats Will Like Senate Tax Plan Over House Version (WSJ)