T. Rowe Price has held informal talks with advisors of Venezuelan opposition lea...
CARACAS - T. Rowe Price has held informal talks with advisors of Venezuelan opposition leader Juan Guaido about financing a $913 million payment on state oil firm PDVSA’s 2020 bond, an executive at the U.S. fund manager told Reuters, adding the plan would only work if Washington alters sanctions on Venezuela.
But such a plan would flounder under Trump Administration sanctions that prohibit U.S. companies from trading any Venezuelan securities. The Venezuela Creditor Committee is a group of investors who hold bonds issued by Venezuela and PDVSA that are almost all in default because Maduro stopped paying them in 2018 amid the country’s economic meltdown.Financing the PDVSA 2020 payment would most likely require PDVSA to issue a new security to the financier in exchange for the fresh funding.
Nor did PDVSA’s ad hoc board, a group of Guaido allies appointed by Venezuela’s opposition-run legislature that controls PDVSA’s U.S. operations.Two sources on Guaido’s team said they have not asked the United States to lift the ban on trading Venezuelan securities. A third source linked to Guaido said raising additional funds would be expensive under current market conditions.
“We have no doubt that the government of the United States will issue an executive order to protect Venezuelan assets and facilitate a negotiation process,” said one of the sources.
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