Venezuela may be in default in as little as 48 hours

[TomSea]

Venezuela may be in default in as little as 48 hours
Fox News

With two critical debt repayment deadlines rapidly approaching, analysts are sounding the alarm that Venezuela may soon be in default.

PDVSA, the distressed socialist country's state oil firm, must repay $842 million on a four-year bond on Friday and $1.12 billion on Nov. 2, according to the Financial Times. Neither payment has a grace period, meaning that nonpayment could trigger a default, and investors could demand Venezuela immediately pay back all of its debt.

While bondholders might not want a default, holders of credit-default swaps would likely request that the International Swaps and Deriviates Assocation declare a default so that they can receive payments on their contracts, Bloomberg reported.

Read more at: http://www.foxnews.com/world/2017/10/25/venezuela-may-be-in-default-in-as-little-as-48-hours.html

[Frank Cannon]

must repay $842 million on a four-year bond on Friday and $1.12 billion on Nov. 2,

Well the Commies claim they payed the bond payment Friday even though non of the holders have seen the money.

https://www.bloomberg.com/news/articles/2017-10-31/venezuela-bond-holders-in-the-dark-as-to-status-of-pdvsa-payment

[cato potatoe]

El cheque's in the mail

[thackney]

Venezuela PDVSA bondholders to receive late payment by Thursday: sources
http://www.reuters.com/article/us-venezuela-bonds-payment/venezuela-pdvsa-bondholders-to-receive-late-payment-by-thursday-sources-idUSKBN1D02U1
OCTOBER 31, 2017

Holders of one of Venezuelan state oil company PDVSA’s distressed bonds will by Thursday receive an amortization payment that was due last week, according to a message from U.S. trust company DTC seen by five market sources on Tuesday....

...And it boded well for the $1.2 billion interest and principal payment on PDVSA’s 2017N bond that matures on Thursday but signaled that unexplained delays are likely to persist.

“DTC transferred to Euroclear at 3 p.m. ... Clients will see it in their accounts on Thurs morning,” said a message sent by DTC, according to market sources. DTC is officially called Depository Trust Company, and the message referred to settlement agent Euroclear.

Both DTC and Euroclear declined to comment.

Bondholders had since Friday been unable to figure out where the $842 million amortization payment on the PDVSA 2020 bond had ended up. PDVSA on Friday said it had transferred the funds, but the money had not appeared investors’ accounts....

[Suppressed]

Someone correct me if I'm wrong, but I think they're also on the 30-day grace period for another half a billion.