Titoli di Stato paesi-emergenti VENEZUELA e Petroleos de Venezuela - Cap. 2 (10 lettori)

carib

rerum cognoscere causas
Quotazioni VVV sul mercato offshore in lieve rialzo:
bid 14,5
offer 16,5

una finanziaria tedesca sta cercando di rastrellare scampoli a 10,5
 

bondholders

Carpe Diem
Venezuelan bonds: the clock is ticking

The prospectuses of certain sovereign bonds issued by the Bolivian Republic of Venezuela contain a provision that limits the time within which a bond holder may sue the Republic for default.


This provision is particularly significant for bonds governed under New York law because it dramatically shortens New York’s limitations period for breach of contract claims from six years to three years. Under settled New York law, written contractual provisions that shorten a limitation period are generally enforceable as long as reasonable. The provision in the Venezuelan bond offering may very well be deemed reasonable, given the sophistication of the parties involved in investment in distressed sovereign debt. A claim filed more than three years after the default may be barred. The provisions in the prospectus for each bond offering must therefore be carefully examined.


Moreover, the additional requirement of certain governing instruments that, prior to commencing suit for default, holders of 25% or more in aggregate outstanding principal amount of the bonds must jointly file a written demand with the debtor to declare the securities immediately due and payable may effectively further delay the commencement of an action.


Given the shortened limitations period, the current political and economic uncertainties in Venezuela should not deter investors from taking immediate legal action related to defaulted Venezuelan debt. Various courts have already permitted claims against the Republic and related entities to proceed notwithstanding the Venezuelan economic and humanitarian crisis.
 

carib

rerum cognoscere causas
vedo su bloomberg (il terminale, non il candidato) prezzi 15,25 16,25 sulle VVV sovrane, senza differenziali dovuti a ipotetiche "prescrizioni".
il mercato e' fermo.. ma se vi fossero differenze vere.. qualcosa sui prezzi lo vedresti.
 

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