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Is A Russia-Cuba Energy Deal In The Works?

Authored by Irina Slav via OilPrice.com, The chief executive of Russian state oil major Rosneft met yesterday with Cuba’s President Raul Castro, suggesting that the two are working on an energy deal, Reuters reports. Rosneft started exporting crude oil to the Caribbean island earlier this year as its main supplier, Venezuela, struggled with a decline […]


Frontrunning: December 15

Some GOP Senators Press for Late Changes in Tax Bill (WSJ) Here’s Where the GOP Tax Plan Stands Right Now (BBG) Harvard Endowment Chief Pushed for Steeper Devaluation of Assets (WSJ) Net neutrality repeal gives Democrats fresh way to reach millennials (Reuters) With Fox Deal, Disney Adds Hulu to Its Digital Kingdom (WSJ) Treasury Yields […]


Maduro Unveils “The Petro”: Venezuela’s Official Cryptocurrency To “Overcome Financial Blockade”

Three months ago, in a not entirely surprising move meant to circumvent US economic sanctions on Venezuela, president Nicolas Maduro announced that his nation would stop accepting dollars as payment for oil imports, followed just days later by the announcement that in a dramatic shift away from the Petrodollar and toward Beijing, Venezuela would begin […]


Venezuela Arrests Former Oil Minister And Ex-Head Of PDVSA

As OPEC is set to celebrate the extension of the cartel’s oil production cut for another year in Vienna, Venezuela former-oil minister and the former head of the now defaulted state energy company PDVSA have no reasons to celebrate following their overnight arrests in Venezuela. Taking a page out of the Saudi “anti-corruption” playbook, Reuters […]


Bankrupt Venezuela Is Demanding Oil From JV Partners Without Payment

Now that Venezuela, and its state-owned petroleum company PDVSA, were both officially declared in default on their debt by ISDA last Friday, analysts were closely watching what the insolvent Maduro government would do next, now that it is – at least on paper – isolated from most international capital markets (with the occasional loophole when […]


Venezuela’s Default Disaster

Authored by Daniel Lacalle via The Mises Institute, Socialism always promises heaven and gives hell… In the early hours of Thursday, November 2, the Maduro regime certified its latest failure with what they promised would never happen: technical default. With his usual arrogance, Maduro issued a “decree” demanding “the refinancing and restructuring of the debt as […]


Bitcoin Surges Near $8000 Record Highs After Venezuela Default

We have already discussed the hyperbitcoinization of the Venezuelan economy and it appears, judging by the most recent surge, that tonight's 'official' default events for the sovereign (and PDVSA) have triggered a further rush to the 'safety' of a decentralized store of wealth… As we noted previously, Venezuela’s worsening economic collapse has created something of […]


Venezuela, PDVSA CDS Triggered: ISDA Says Credit Event Has Occured

In a long overdue, and not exactly surprising decision, moments ago the ISDA Determination Committee decided, after punting for three days in a row, that a Failure to Pay Credit Event has occured with respect to both the Bolivarian Republic of Venezuela as well as Petroleos de Venezuela, S.A. Specifically, in today’s determination, in response […]


Venezuela Signs $3.2 Billion Debt Restructuring Deal With Russia

As Venezuela teeters right on the brink of complete financial collapse, Bloomberg reports that Russia has agreed to restructure roughly $3.2 billion in outstanding obligations.  While details of the restructuring agreement are scarce, both sides reported that the deal spreads payments out over 10 years with minimal cash service required over the next six years. […]


S&P Downgrades Venezuela To “Selective Default” After Bondholder Meeting Devolves Into Total Chaos

Creditors had little expectations from today’s ad hoc meeting with “soon-to-default” Venezuela, and with good reason: not only was the meeting attended by several sanctioned Venezuelan officials, potentially jeopardizing the legal status of any bondholders who voluntarily appeared at the Caracas meeting meant to “restructure and refinance” Venezuela’s massive debt load, but it was nothing […]


Venezuela Bans Magazines From Publishing Photos Of Women In Bikinis

While Venezuela’s embattled government struggles with the fallout from being declared officially in default by ISDA after delaying a principal payment on the Petroleos de Venezuela SA, or PDVSA, bond that matured Nov. 2, its Supreme Court has been busy robbing the country’s downtrodden public one of the few small pleasures still available in a […]


Venezuela Officially Declared In Default

Today at 11am, the ISDA Determinations Committee sits down to decide whether an event of default has occurred due to the delayed principal payment on the Petroleos de Venezuela SA, or PDVSA, bond that matured Nov. 2, in the process triggering PDVSA (and perhaps Venezuela) CDS, and officially declaring Venezuela in default. We won’t have […]


Venezuela Just 24 Hours Away From Formal Declaration Of Default

Less than a week after Venezuela shocked the world by announcing it would proceed to restructure its massive external debt, even as it was within the grace period on hundreds of millions in unpaid interest expense, on Thursday the socialist nation confirmed it has never been closer to an official default after Reuters reported that […]


Frontrunning: November 9

In China, Trump Cajoles Xi With Tough Talk, Flattery (WSJ) Trump’s Flashy $250 Billion China Haul Has Little Substance (BBG) Blame Game Over Rising Health-Insurance Premiums Begins (WSJ) How to End Our Long National Tax Nightmare (BBG) Trump Says Democrats Will Like Senate Tax Plan Over House Version (WSJ) Venezuela’s PDVSA misses debt payments to […]


Goldman’s Asset Arm Takes Big Hit On Venezuelan Bond Bloodbath

The fallout from the Venezuelan bond restructuring has claimed a major victim in Goldman Sachs Asset Management, or rather some of the “muppets” who trusted Goldman to invest their money. However, the route which led Goldman to losing a chunk of client money wasn’t just a case of bad judgement, being riddled with the usual […]