The clause is weird. As Venezuela`s default on interest approaches the three-year maturity for certain bonds, some investors fear that if they do not file an appeal, claims to recover these missed payments will invalidate. To reassure her, the transitional government issued a statement saying it need not worry. According to the transitional government, “the clause deals with situations in which the budgetary representative holds sums paid by the Republic that are not used by bondholders or otherwise distributed to them.” The statement states that the limitation period has not begun because the financial officer has not yet received the funds. So, if the treasury is protected after two years, what does the statute of limitations do? The Maduro administration is proposing to reduce New York`s six-year statute of limitations. It is therefore not certain that the clause will apply, at least with respect to unpaid repayments. This is because the New York law may not impose an extension clause on the statute of limitations. But the shorter 3-year delay could reduce the statute of limitations, and that`s what worries investors. The transitional government`s statement should allay this concern, even if the statute of limitations means what the Maduro administration says. As we noted in our last speech, one way to understand the limitation period is that it protects the financial officer, but does not change the rights of bondholders.
(The idea here is that the Treasury doesn`t have to sit around forever until late bondholders collect their money.) But that is clearly not the purpose of this clause. This is because the bonds also contain the following clause, which protects the tax agent, leaving him out of the deadlock when he returns the money to the government 2 years after receipt: a final mystery is that Venezuelan bonds seem to have different statutes of limitations. As far as we can tell, the demarcation line is that most of the outstanding bonds were issued as part of a 2001 financial agency agreement. Previous bonds were issued under previous tax agreements, with slightly different provisions. August 6, 2019Excutive Order Blocking Property of the Government of Venezuela; issuing Venezuelan general licenses and frequently asked questions; Publication of guidelines on humanitarian aid and support to the Venezuelan people. November 16, 2017 THE CREDIT Determination Committee of ORGANISATIONISDA determines the credit event on PDVSA. EMTA Special Seminar: Sanctions for Venezuela and Russia: an update. EM Sovereign Bond Documentation Chart for Venezuela. . . . September 30, 2014EMTA Forum on The Economic Outlook for Venezuela will take place on November 6, 2014 in Boston.
Click here to register. . May 6, 2014 Market Practices for PDVSA Bonds 6% payable 15.11.26. September 16, 2014Standard – Poor`s lowers Venezuela`s state credit rating from B- to CCC. May 21, 2018Excutive Order Prohibits certain additional transactions with respect for Venezuela. The Trump administration imposed sanctions on Venezuela and its state-owned enterprises (including PdVSA) through an executive order that included broad trade restrictions on debt and equity transactions, but with many notable exceptions. . February 13, 2020Cleary Gottlieb Memorandum on The District Court`s decision on the payment of PdVSA`s debt.
denominations linked to Venezuela; Updating the non-proliferation name; Updated the name “fight against terrorism.” . September 3, 2013ICSID Issues Ruling in Conoco Phillips Petrozuata, BV et al. Bolivarian Republic of Venezuela. . . . January 3, 2017The former Venezuelan censor Pres Ruth Krivoy will hold the keynote at the EMTA seminar on Venezuela on Thursday, January 12, 2017. Click here to register. . Any money that the Republic pays to the tax agent for the payment of a loan that is not used for two years is returned to the Republic.