SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Venezuela’s 2025 bondholders are trying to speed up payments after three years of default. Investors who hold at least 25% of the notes sent a notice to Deutsche Bank, the fiscal agent of the $1.6bn bonds to accelerate payments after declaring the debt “immediately due and payable.” The nation’s overseas assets are also protected from seizure by US sanctions. As per Bloomberg, the country has over $60bn in defaulted debt, excluding Citgo’s (owned by PDVSA) debt. Most of the nation’s dollar bonds are trading at highly distressed levels of ~10 cents on the dollar. “It’s basically a frustration…the possibility of getting a court judgment and getting those Venezuelan assets as everyone is getting in line, trying to get a piece of Citgo and lock in a judgment from a U.S. court”, said Russ Dallen, managing partner at Caracas Capital.

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