More details on Venezuela’s upcoming bond payments

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Found an article giving more details on the Venezuelan bond payments at risk. Particular item of note is the breakout of principal and interest.

Oh, the five opposition governors were actually sworn in.

10/25/17 – ZeroHedge – The Time Has Come:  Venezuela May Be In Default In Under 48 Hours – Venezuela skipped two more coupon payments over the weekend, for another $237M, making a cumulative $586M of missed coupons for a week.

Tables in article are detailed enough that it takes a while to understand. If I get it, this is the P&I due in near future, with the breakout between principal and interest on the two big payments:

due date P&I prin only int only total cumulative
10/27/17          842         143          985         985
10/28/17           90           90       1,075
11/2/17       1,121           48       1,169       2,244
11/7/17          183          183       2,427
11/15/17          135          135       2,562
11/16/17          150          150       2,712
11/17/17          254          254       2,966

That means $3.0B is needed by the middle of November plus the $586M of skipped coupons (which have 30 day grace period), for total of about $3.6B needed within 30 days.

Collateral for that 10/27/17 payment from PDVSA (which does not have a grace period) is a subsidiary holding a refinery in Houston. By Monday, the bondholders may unexpectedly be in the refining business.

10/23/17 – Wall Street Journal – In Venezuela, Opposition Governors Quietly Sworn In – I don’t get the Venezuelan political world, but then on the other hand, that is why I blog – so I can learn.

Four of the five opposition candidates who won on Sunday a week ago were sworn in during a small ceremony.  For reasons I really don’t understand, that they were sworn in created more division in the opposition. Well, at least there is some small shred of opposition left in the country, marginalized though it may be.

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