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An
oilfield worker speaks by radio at an oil well operated by
Venezuela’s state oil company PDVSA, in the oil rich Orinoco
belt, near Morichal at the state of Monagas April 16,
2015.
REUTERS/Carlos Garcia
Rawlins
(Reuters) – Venezuelan state oil company PDVSA has activated a
30-day grace period for $404 million in interest payments on its
2021, 2024 and 2035 bonds, JPMorgan analysts said in a report on
Monday.
The analysts added that they expect PDVSA will make the payments
within the next month, citing the company’s recent swap operation
to exchange bonds coming due in 2017 for new bonds maturing in
2020.
«We still believe PDVSA will make these payments during the grace
period. However, this highlights the cash difficulties and
mismanagement of PDVSA with regards to its liabilities,» the
research note reads.
The report noted that PDVSA did make a $135 million coupon
payment due this month on bonds maturing in 2026, citing
information provided by paying agent Citi and settlement group
Clearstream.
Citi and PDVSA did not immediately respond to request for
comment. Three bondholders confirmed the delay to Reuters.
Low oil prices have stressed Venezuela’s socialist economy,
prompting Wall Street concerns that it could default on its
obligations.
President Nicolas Maduro says Venezuela and PDVSA will meet all
their debt commitments and calls default talk a right-wing
conspiracy against him.
(Reporting by Corina Pons and Eyanir Chinea; Writing by Brian
Ellsworth; Editing by Sandra Maler and David Gregorio)
Read the original article on Reuters. Copyright 2016. Follow Reuters on Twitter.
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