Venezuela Debt Wreck Marks New Milestone as $6.1 Billion Unpaid

(Bloomberg) -- Venezuela’s debt crisis passed a new milestone as the government missed a principal payment on one of its bonds for the first time this week, boosting arrears on international securities to $6.1 billion.

It was hardly a surprise for investors, who have watched the value of their securities plummet since President Nicolas Maduro announced in November that he would seek to restructure the country’s debt in the midst of an economic crisis. But it reinforced the difficult position creditors find themselves in as the overdue payments pile up with no resolution in sight and no easy recourse for getting their money back.

Maduro’s recent measures to reduce long-standing gasoline subsidies and redenominate the currency by lopping off five zeroes, both set to take effect this month, are steps in the right direction but ultimately unlikely to help the country pay back bondholders, said Siobhan Morden, who heads Nomura Securities International’s Latin America fixed-income strategy.

“It still looks like a countdown with economic crisis morphing into political crisis for the Maduro administration,” Morden said in an Aug 15 note.

Venezuela Debt Wreck Marks New Milestone as $6.1 Billion Unpaid

Here’s the latest breakdown of the securities in flux:
(*Within grace period)

BondCoupon Value (Millions of USD)Due DateGrace Period EndAnnouncements
VENZ 2019$96.70Oct. 13Nov. 13S&P declares selective default
Moody’s says technical default
Fitch cut to restricted default
Gov’t says it started payments
Euroclear said to not receive interest payment
VENZ 2024$103.00Oct. 13Nov. 13S&P declares selective default
Moody’s says technical default
Fitch cut to restricted default
Gov’t says it started payments
Euroclear said to not receive interest payment
VENZ 2025$61.20Oct. 21Nov. 20S&P declares default
Euroclear said to not receive interest payment
Clearstream said to hold cash for payment
Interest payment said to reach some holders
VENZ 2026$176.30Oct. 21Nov. 20S&P declares default
Euroclear said to not receive interest payment
VENZ 2023$90.00Nov. 7Dec. 7Euroclear said to not receive interest payment
S&P declares default
VENZ 2028$92.50Nov. 7Dec. 7Euroclear said to not receive interest payment
S&P declares default
PDVSA 2026$135.00Nov. 15Dec. 15PDVSA says it began interest payments
S&P declares default
PDVSA 2024$150.00Nov. 16Dec. 18PDVSA says it began interest payments
S&P declares default
PDVSA 2021$107.70Nov. 17Dec. 18PDVSA says it began interest payments
S&P declares default
PDVSA 2035$146.30Nov. 17Dec. 18PDVSA says it began interest payments
VENZ 2018
7%
$35.00Dec. 1Jan. 2S&P declares default
VENZ 2020$45.00Dec. 12Jan. 11S&P declares default
VENZ 2036$162.50Dec. 29Jan. 29Moody’s withdraws rating
VENZ 2034$70.00Jan. 16Feb. 15N/A
VENZ 2031$251.00Feb. 5March 7Euroclear said to notify on default
VENZ 2018
13.625%
$72.00Feb. 15March 19N/A
PDVSA 2022 12.75%$191.00Feb. 20March 22N/A
VENZ 2022$191.00Feb. 23March 26N/A
VENZ 2027$185.00March 15April 16N/A
VENZ 2038$44.00March 31April 30N/A
ELECAR 2018 (principal)$678.00April 10April 10 S&P declares default
PDVSA 2027$81.00April 12May 14N/A
PDVSA 2037$41.00April 12May 14N/A
VENZ 2019$97.00April 13May 14N/A
VENZ 2024$103.00April 13May 14N/A    
VENZ 2025$61.20April 23May 23N/A
VENZ 2026$176.30April 23May 23N/A
PDVSA 2022 
6%
$90.00April 30May 30N/A
VENZ 2023$90.00May 7June 6N/A
VENZ 2028$92.50May 7 June 6N/A
PDVSA 2026$135.00May 15June 14N/A
PDVSA 2024$150.00May 16June 15N/A
PDVSA 2021$107.70May 17June 18N/A
PDVSA 2035$146.30May 17June 18N/A
VENZ 2018$35June 1July 2N/A
VENZ 2020$45June 11July 11N/A
VENZ 2036$162.5June 29July 30N/A
VENZ 2034$70July 13Aug 13N/A
*VENZ 2031$251Aug. 6Sep. 5N/A
VENZ 2018 (principal)$1,053Aug. 15Aug. 15N/A
*VENZ 2018$72Aug. 15Sep. 14N/A

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