Venezuela e Cina: tutti in tribunale!

Come ha sottolineato Russ Dallen (Caracas Capital Markets, nell’immagine a seguire) in una nota agli investitori, quanto sta avvenendo è anche la prova che d’ora in poi la Cina non sarà più pronta a salvare il Venezuela, cosa che ha sempre fatto nel corso degli anni passati.

http://www.commoditiestrading.it/spread-trading/Venezuela-e-Cina–tutti-in-tribunale–8424.aspx

中石化在美起诉委内瑞拉国家石油公司

“(看到这些)我们就知道中国不会救助这些家伙了,”精品投行加拉加斯资本市场(Caracas Capital Markets)的拉斯•达伦(Russ Dallen)说。他一直密切关注委来瑞拉,也是第一个向其客户透露这些法庭文件的人。

“中国已经不再对委内瑞拉的债务进行展期。”达伦说:“他们已经失去了信心。”

http://www.ftchinese.com/story/001075386

https://xw.qq.com/cmsid/20171207A09PN700

ESTADAO: Estatal chinesa abre disputa comercial nos EUA contra petroleira venezuelana

Apesar de “empregar um tom mais diplomático em sua demanda”, a empresa chinesa está claramente irritada, afirmou Russ Dallen, responsável pela corretora local Caracas Capital, em um relatório na quarta-feira em que revelou a existência do processo.

http://internacional.estadao.com.br/noticias/geral,estatal-chinesa-abre-disputa-comercial-nos-eua-contra-petroleira-venezuelana,70002111713

Trung Quốc ‘chán’ phải gia hạn nợ cho Venezuela

Theo ông Russ Dallen, người đứng đầu ngân hàng Caracas Capital và là người đầu tiên tiết lộ hồ sơ vụ kiện: “Đây là lúc chúng ta biết rằng Trung Quốc sẽ không cứu trợ tài chính cho những gã này (PDVSA) nữa”. Hiện phía Sinopec và PDVSA đều từ chối đưa ra bình luận về vụ kiện này.

Kể từ giữa tháng 11.2017, các tổ chức xếp hạng tín dụng đã nhiều lần đánh giá thấp PDVSA và chính quyền Caracas sau khi nước này bắt đầu mất khả năng thanh toán trái phiếu quốc tế. Ông Dallen cho rằng vụ kiện của Sinopec là bằng chứng cho thấy Trung Quốc không còn muốn mở rộng tín dụng cho Venezuela, qua đó càng khiến nguy cơ chính quyền Caracas và PDVSA vỡ nợ càng hiển hiện.

Theo ông Dallen: “Trung Quốc đã ngừng gia hạn thời gian trả nợ của Venezuela. Họ đã mất niềm tin”.

Hiện chủ nợ nước ngoài duy nhất sẵn sàng hỗ trợ cho Caracas là Nga. Vào tháng 11, khi Venezuela tuyên bố vỡ nợ, Moscow đã đồng ý tái cơ cấu khoản nợ 3,15 tỉ USD của quốc gia Nam Mỹ. Ông Dallen cũng cho biết trái phiếu của một trong những khách hàng của ông đã được thanh toán thông qua một ngân hàng Nga.

https://baomoi.com/trung-quoc-chan-phai-gia-han-no-cho-venezuela/c/24217975.epi

La Journada: Empresa china demanda a petrolera venezolana

La empresa china “suele emplear un tono más diplomático” y está claramente molesta, indicó Russ Dallen, responsable de la correduría local Caracas Capital, en un informe el miércoles en el que reveló la existencia de la demanda.

http://www.jornada.unam.mx/ultimas/2017/12/07/empresa-china-demanda-a-petrolera-venezolana-2875.html

El Financiero: Venezuela y China ya no son tan #BFF

También es evidencia de que Beijing podría no estar siempre ahí para rescatar a Venezuela, como lo ha hecho una y otra vez en la última década, dijo Russ Dallen, socio gerente de Caracas Capital Markets, un banco de inversión con sede en el país latinoamericano, en una nota a los clientes.

http://www.elfinanciero.com.mx/economia/la-amistad-de-venezuela-y-china-es-cosa-del-pasado.html

Banca y Negocios: Petrolera china demanda a Venezuela por impago de deuda

“Con esto sabemos que China no va a rescatar al gobierno”, dijo Russ Dallen, del banco de inversión Caracas Capital, quien sigue de cerca a Venezuela y quien primero reveló los documentos judiciales a sus clientes.

Dallen dijo que la demanda de Sinopec se agregó a la evidencia que sugiere que China ya no estaba dispuesta a extender el crédito a Venezuela, y que su cambio de actitud había inclinado a Caracas y Pdvsa al default.

China y Venezuela han mantenido relaciones estrechas en los últimos años, con préstamos de parte de la nación del lejano oriento por más de $60.000 millones.

http://www.bancaynegocios.com/petrolera-china-demanda-a-venezuela-por-impago-de-deuda/

US News & World Report: Chinese Firm Sues Venezuela as Crisis Tests Ally’s Patience

The Chinese “usually take a more diplomatic tone” and are clearly angry, Russ Dallen, head of local brokerage Caracas Capital, wrote in a report Wednesday in which he revealed the existence of the lawsuit.

https://www.usnews.com/news/best-states/texas/articles/2017-12-06/chinese-firm-sues-venezuela-as-crisis-tests-allys-patience

Bloomberg: Venezuela-China Relationship Sours as Sinopec Sues PDVSA

The lawsuit further illustrates how the relationship between the two long-time partners is turning bitter after delays in paying past loans and oil quality issues. It’s also evidence that Beijing might not always be there to bail out Venezuela, as it has done over and over in the past decade, Russ Dallen, a managing partner at Caracas Capital Markets, a Venezuela-based investment bank, said in a note to clients.

https://www.bloomberg.com/news/articles/2017-12-06/venezuela-china-relationship-sours-as-sinopec-sues-pdvsa

Financial Times: Lawsuit shows China losing patience with Venezuela

“This is when we know that China is not going to bail these guys out,” said Russ Dallen of boutique investment bank Caracas Capital, who follows Venezuela closely and who first revealed the court documents to his clients.

Mr Dallen said Sinopec’s suit added to evidence suggesting China was no longer willing to extend credit to Venezuela, and that its change of attitude had tipped Caracas and PDVSA into default.

In a further sign of Russia’s involvement, Mr Dallen said one of his clients had received a bond payment through a Russian bank.

https://www.ft.com/content/d627460a-da8e-11e7-a039-c64b1c09b482

https://seekingalpha.com/news/3316789-ft-sinopec-sues-venezuela-china-loses-patience

LAHT: China’s Sinopec Sues Venezuela’s PDVSA

“These lawsuits show just how far relations between the two countries have deteriorated,” says Russ Dallen, Managing Partner of Caracas Capital Markets, the investment bank which first uncovered and revealed the litigation. “After $60 billion dollars, the Chinese are ending up in the same courts and international arbitrations as most others who have tried to do business with a Chavista Venezuela.”

http://www.laht.com/article.asp?ArticleId=2447304&CategoryId=10717

 

Expansion: Venezuela representa la paradoja de Schrödinger del sector de la deuda

Sin embargo, hasta el mes pasado no había dejado de pagar a sus bonistas. Ya lo ha hecho -o tal vez no-. “Nadie sabe qué diablos sucede”, afirma Russ Dallen de Caracas Capital, un boutique de inversión que analiza los bonos venezolanos. Los precios de éstos han repuntado desde sus mínimos del 3 de noviembre, el día después de que el presidente Nicolás Maduro anunciase la reestructuración.

Pero no todos los bonos han tenido el mismo comportamiento. Previamente, la deuda emitida por el Estado y por PDVSA cotizaba a precios similares. Sin embargo, aunque en un principio los bonos públicos y los de PDVSA cayeron al unísono, desde entonces sus trayectorias se han separado. El precio del bono de PDVSA es ahora cerca de unos 6 centavos de dólar más alto que el de la deuda pública.

“La gente cree que hay más probabilidades de mora sobre la deuda soberana”, explica Dallen. “La idea es que protegerían a PDVSA porque es la que genera dinero”, añade, “y pueden seguir pagando debido a que no tiene grandes vencimientos en los dos próximos años”.

http://www.expansion.com/latinoamerica/2017/12/03/5a23f78722601d5d368b45ea.html

Financial Times: Venezuela stakes claim as Schrödinger’s cat of the debt world

“Nobody knows what the hell is going on,” says Russ Dallen of Caracas Capital, a boutique investment bank that closely follows Venezuelan bonds.

Prices of Venezuelan bonds have rebounded from their lows on November 3, the day after President Nicolás Maduro announced the restructuring.

But not all bonds have rebounded together. The first chart shows two pairs of bonds, with similar maturities and coupons, issued by the sovereign and by PDVSA.

Previously, the pairs traded at similar prices. Yet, while the sovereign and PDVSA bonds at first fell in lockstep, they have since moved apart. The PDVSA bonds are now priced about 6 cents on the dollar above their sovereign counterparts.

“People think they are more likely to default on the sovereign,” says Mr Dallen. That makes sense, he says, because sovereign immunity laws make asset seizures unlikely in the event of default.“The idea is that they would protect PDVSA because it’s the money generator,” he adds, “and they can keep paying because it doesn’t have large maturities over the next two years.”

https://www.ft.com/content/fc35fa02-d07b-11e7-9dbb-291a884dd8c6

http://www.cetusnews.com/business/Venezuela-stakes-claim-as-Schrödinger’s-cat-of-the-debt-world.ByQHGoiRctlG.html

Venezuela: Maduro Names General Quevedo as PDVSA & Oil Ministry Head (VIDEO)

“Quevedo has no apparent experience in the oil industry,” says Russ Dallen of Caracas Capital. “At a time when Venezuela’s production is collapsing, the company is on the verge of bankruptcy and PDVSA desperately needs someone to turn the situation around, this is more likely a house cleaning to put in a Maduro loyalist and get rid of any remaining Rafael Ramirez holdovers.”

http://www.laht.com/article.asp?CategoryId=10717&ArticleId=2446782

Financial Times: Crystallex reaches settlement in legal fight with Venezuelan government

The Crystallex settlement was first reported by the Latin American Herald Tribune. Russ Dallen, its owner and publisher, also owns a boutique investment bank called Caracas Capital that closely follows Venezuelan bond markets.

Documents posted by the LAHT and by Ernst & Young show that the settlement was reached on November 23 but do not disclose the amount. But it is expected to be big – in an affidavit, Harry Near, a director of Crystallex, said: “The quantum of recovery that Crystallex will achieve under the Settlement Agreement is extraordinary when compared to the amount of the Award, and I understand this may be the largest settlement that Venezuela has ever agreed to in relation to an arbitral award.”

Mr Dallen said the amount was likely to be between $1bn — the amount obtained in a settlement by Gold Reserve, another Canadian miner whose assets were expropriated by Caracas — and the $1.4bn awarded to Crystallex by Icsid, the World Bank investment dispute mechanism.

https://www.ft.com/content/1526fb0d-ece1-30e8-93eb-889be393cd0d

Page 1 of 25