(Bloomberg) -- Investors are getting mixed signals as Venezuela stares down billions of dollars in debt obligations over the next few weeks.
The Situation
Although PDVSA said it paid an $842 million principal payment on its 2020 bonds due last Friday, the money has yet to materialize in the accounts of bondholders. Another $1.2 billion payment looms on Thursday. And to top it off, the clock is ticking on more than half a billion dollars in debt from the state oil firm and Nicolas Maduro's government that are in a 30-day grace period. That said, if Venezuela can survive the next two weeks, it will be smoother sailing until the next big chunk of payments come due in April.
The Bonds
Debtor | Due Date | Amount Due | CUSIP | Cross Default | Grace Period |
| ELECAR 18s | Oct. 10 | $27,625,000 | EH2888749 | Yes | 30 Days |
| PDVSA 27s | Oct. 12 | $80,625,000 | EG3110533 | Yes | 30 Days |
| VENZ 19s | Oct. 13 | $96,718,566 | EH9901297 | Yes | 30 Days |
| VENZ 24s | Oct. 13 | $102,958,473 | EH9901214 | Yes | 30 Days |
| VENZ 25s | Oct. 21 | $61,193,000.25 | ED8955574 | Yes | 30 Days |
| VENZ 26s | Oct. 21 | $176,250,000 | EI8410553 | Yes | 30 Days |
| PDVSA 20s | Oct. 27 | $984,998,482.50 ($841,878,500 in principal) | QZ9940003 | Yes | 30 Days (for interest payment) |
| PDVSA 22s | Oct. 28 | $90,000,000 | JV9618804 | Yes | 30 Days |
| PDVSA 17s | Nov. 2 | $1,169,075,523.22 ($1,121,415,370 in principal) | EI4173619 | Yes | 30 Days (for interest payment) |
The Investors
| Holder Name | Percent of Reported Total | Last Filing |
| Goldman Sachs Group Inc | 12.5% | 08/31/17 |
| BlackRock | 10.8% | 10/27/17 |
| Fidelity Management & Research | 9.9% | 10/27/17 |
| T Rowe Price Group Inc | 5.7% | 09/30/17 |
| Ashmore Group Plc | 5.4% | 09/30/17 |
| Allianz SE | 4.1% | 10/27/17 |
| Grantham Mayo Van Otterloo & Co | 2.7% | 05/31/17 |
| Alliance Bernstein | 2.5% | 08/31/17 |
| Sun Life Financial Inc. | 2.5% | 09/30/17 |
| HSBC | 2.3% | 06/30/17 |
* Based on public filings reported by investment firms and reviewed by Bloomberg.
The Bookshelf
- Oct. 27: Venezuela State Oil Company Says It Made Vital Bond Payment
- Oct. 26: Venezuela Investors Desperate for Information as Bonds Sell Off
- Oct. 25: Venezuela Oil Company's Former Chief Says Bonds Will Be Paid
- Oct. 24: Why Venezuela Struggles So Hard to Avoid Default: QuickTake Q&A
- Oct. 23: Venezuela's Behind on Its Debt and Facing Two Huge Payments
- Sept. 28: Wall Street Bet on Maduro's Exit Ignores Centuries of Survival
- Aug. 25: With U.S. Bond Sanctions, Walls Close In on Venezuela's Regime
- Aug. 1: PDVSA CFO Sanction Said to Prompt Some Firms to Forbid Meetings
To contact the reporter on this story: Ben Bartenstein in Lima at bbartenstei3@bloomberg.net.
To contact the editors responsible for this story: Rita Nazareth at rnazareth@bloomberg.net, Daniel Cancel at dcancel@bloomberg.net.
©2017 Bloomberg L.P.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
