Debt / 4 posts found

Venezuela’s 30 Minutes of Debt Talks Leave Bondholders Guessing

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Venezuela’s much-vaunted restructuring meeting with bondholders concluded after about 30 minutes with little insight for investors who made the trek to Caracas. Vice President Tareck El Aissami, the only government official to speak, devoted most of his remarks to railing against Donald Trump and global financiers who he said have conspired to keep the country from making debt payments on time. He pledged Venezuela would continue to honor its obligations while working to form committees with bondholders to figure out the next steps. He offered no specific proposals for restructuring, according to people who attended the meeting, which wasn’t open […]

Venezuela Will Seek to Restructure Its Debt

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President Nicolas Maduro said Venezuela will seek to restructure its global debt after the state-owned oil company makes one last payment, blaming U.S. financial sanctions for making it impossible to find new financing. The government will transfer funds for a $1.1 billion principal payment on Petroleos de Venezuela bonds that came due Thursday, Maduro said from Caracas. From there on out, the nation will renegotiate its debt with banks and investors, he said in a national address. Venezuelan bonds trade at an average price of 36 cents on the dollar, reflecting widespread investor concern that the nation was headed for default. […]

Oil Buys Trump’s Calm But Ignores the Storm

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The U.S. commander-in-chief informed the nation on Thursday evening that a meeting he was having with military brass might be "the calm before the storm." President Donald Trump didn't elaborate, brushing off reporters' questions with a more-after-the-break response. It's possible he meant nothing; you may recall he blithely undercut the $3.8 trillion muni-bond market this week with a choice remark about Puerto Rico's debt getting "wiped out." (Yeah? Nah.) Yet there is a storm looming in the shape of a decision about the nuclear deal with Iran. On October 15, the administration must either re-certify that Tehran is complying with its terms and […]

Trumps Puerto Rico Comments Rocked These Markets

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Puerto Rico’s debt crisis re-emerged with a bang on Wall Street Wednesday. Shares of bond insurers tumbled and the price of a tranche of the island’s bonds sank to levels equal to those in Venezuela after U.S. President Donald Trump suggested the debt may need to be “wiped clean," while bonds issued by the U.S. Virgin Islands also came under pressure. said not to take the president’s remarks "word for word." Analysts at BTIG also questioned Trump’s capacity to affect Puerto Rico’s debt restructuring, and advised clients to buy the dip in the bond insurers. Any aid provided by the […]
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