HALISTER: HSBC Official Is First Individual Charged in U.S. FX Probe (1)

HSBC Official Is First Individual Charged in U.S. FX Probe (1)

Alert: HALISTER
Source: BN (Bloomberg News)

Tickers
HSBA LN (HSBC Holdings PLC)

People
Mark Johnson (HSBC Holdings PLC)
Peter Carr (United States Department of Justice)
Robert Sherman (HSBC Bank PLC)
Stuart Scott (HSBC Bank PLC)

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UUID: 7947283

HALISTER1: Venezuela Debt Swap Speculation May Disappoint, Nomura Says

Venezuela Debt Swap Speculation May Disappoint, Nomura Says

(Bloomberg) -- Rally in shortest maturities of PDVSA and Venezuela bonds yday was due to rumors of debt reprofiling that have circulated in market for months, Nomura’s Siobhan Morden says in note.
  • Nothing of substance to suggest any imminent formal offer
  • Most investors would require that any breakeven ratio for an exchange of PDVSA 2017s into theoretical 2021 maturity will include forfeited appreciation of the pull to par of the 2017s
    • This argues for breakeven ratio closer to 1.83 vs 1.43 ratio for 2017/21 maturities at current market prices
  • Hard to assess what other incentives Venezuela/PDVSA could offer for a neutral or positive net-present-value exchange, considering current cashflow constraints
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
PDVSA VC (Petroleos de Venezuela SA)

People
Siobhan Morden (Nomura Holdings Inc)

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UUID: 7947283