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Venezuela-based PDVSA’s CDS auction brings final price of 17.625
By Marisa Wong
Morgantown, W.Va., Dec. 13 – Petroleos de Venezuela SA’s credit derivative trades were settled at auction for a final price of 17.625, according to the International Swaps and Derivatives Association.
Nine dealers submitted initial markets, physical settlement requests and limit orders to the Dec. 13 auction administered by Creditex and Markit to settle trades across the market referencing PDVSA.
As announced Nov. 22, the Caracas, Venezuela-based oil and gas company defaulted on its $3 billion 5 3/8% notes due 2027 and its $6.15 billion 8½% senior notes due 2017.
Venezuela’s credit derivative trades were also settled at auction. The Dec. 12 auction brought a final price of 24.5, as previously reported.
As announced Nov. 22, Venezuela had defaulted on $2,495,963,700 of 7¾% notes due 2019 and $2,495,963,000 of 8¼% notes due 2024.
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