Venezuela

The latest edition of our sovereign risk ratings capture two key developments that unfolded in 2006 and that will (we expect) unfold in 2007. The first theme we have observed is that... 2006-12-22

The Venezuelan government yesterday issued a further US$225mn (VEB482.4bn) of its special Titulo de Interes y Capital Cubierto (TICC) bonds, which mature in 2017 and are payable... 2006-12-07

BMI View: In spite of strong GDP data for Q3 released last week (showing 10.2% y-o-y expansion), we still believe that the overall macroeconomic situation in Venezuela is continuing... 2006-11-20

Since we last gauged the sentiment of our surveyed banks to EM external debt markets back in the summer, confidence has understandably picked up, as reflected by the rise in our global... 2006-11-16

The Bono Del Sur was warmly received by Venezuelan markets following its belated issue last week, as domestic investors sought to invest excess liquidity into dollar-denominated instruments.... 2006-11-13

Three relative value plays have been interesting us of late. The first is in the commodities universe, focusing on the price of gold versus oil. Early last week we ran a chart of... 2006-11-03

The Venezuelan parallel exchange rate (as measured by the 'CANTV dollar') has resumed its weakening path, falling yesterday to an 11-month low of VEB2,922.90/US$. We see major support... 2006-10-31

In line with our view, the Venezuelan parallel exchange rate (as measured by the 'CANTV dollar') has experienced yet another significant decline since last Monday, falling by 1.9%... 2006-10-12

We continue to be concerned about the macroeconomic story in Venezuela. Inflation is beginning to get out of hand, government spending is excessive, and, most worryingly, the price... 2006-09-29

Falling crude prices have put increasing focus on the fundamentals underpinning the creditworthiness of oil-exporting sovereigns, including Venezuela, upon which we are increasingly... 2006-09-15