20 de septiembre de 2016 11:40 AM
Actualizado el 20 de septiembre de 2016 11:48 AM
New bonds of state-owned oil company Petróleos de Venezuela would have to trade at yields of around 20% in order for the offer to begin to make sense for bondholders, said Venezuelan economist Francisco Rodríguez in a report released by New York-based investment bank and broker dealer Torino Capital.
In that sense, Rodríguez added that such percentage is roughly 10-15 points below the yields of current unsecured bonds, but 10 points above the current secured debt of Citgo Holding Inc.
The expert further said that in order for bondholders to be encouraged to participate in a swap, the new bond must be worth at least as much as the maturing one. Typically, he explained, bondholders will demand at least some additional compensation over the price of the maturing bond.
“This is because those who have decided to hold the exchanged bonds are likely to be those who have assigned a higher profitability to repayment than the rest of the market and thus value them highly in comparison to their market price,” Rodríguez elaborated.