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Pdvsa must repay USD 842 million in 2020 securities

Expert of financial firm Torino Capital thinks that there will be no problem with the payment

  • YVONNE AYALA PERDOMO

27 de octubre de 2017 07:00 AM

Actualizado el 27 de octubre de 2017 07:10 AM

PARA COMPARTIR

Pdvsa should repay USD 842 million in 2020 securities

State-run oil company Petróleos de Venezuela is set to disburse on Friday, October 27, USD 842 million to pay the first amortization of the Pdvsa 2020 bond, as slated in the payment schedule, Kapital Consultores, a firm specialized in financial markets, twitted.

According to the think tank, both October and November are two of the most critical months in 2017, because “Venezuela and Pdvsa need to disburse USD 3.9 billion on account of foreign debt service of bonds.”

“A commitment should be reaffirmed to pay two amortizations: USD 842 million for Pdvsa 8.5% 2020 and USD 1.1 billion for Pdvsa 8.5% 2017. Adding to such amount of USD 1.9 billion in principal the interests accrued on the bonds, both of Pdvsa and Venezuela, referred to this couple of months, the total amount rises to USD 3.5 billion, accounting for 36% of the total foreign debt service of Venezuela and Pdvsa for 2017.”

Based on Kapital data, in the first eight months of 2017, both Venezuela and Pdvsa honored their debt obligations for a total amount of USD 5.6 billion: USD 3.6 billion on account of interests and USD 2.0 billion on principal (Pdvsa 5.25% 2017). This is associated with the latest amortization of the Pdvsa 8.5% 2017 bond for USD 1.2 million, due and payable on November 2, collateralized by Citgo, the Pdvsa subsidiary in the business of oil refining and retail based in Houston, USA.

For his part, the Assistant Vice-President of financial firm Torino Capital, Ignacio Dávila, told US TV channel CNBC that he is certain that Venezuela will pay for sure.

“In this case, Venezuelan bonds with different maturities should have a good yield in the upcoming days,” he reasoned.

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