Re: Venezuela
There are two 2017
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On Oct 9, 2012, at 4:34 PM, "Barrett, Paul S" < wrote:
Hi Jeffrey
Given that we expected a Chavez win, I am a little surprised that the bonds are trading down 3 points (around 4%). There has been some noise out of Argentina where a local province repaid a coupon on a bond in ARS when it should be in USD. So this is putting pressure on the region.
I think this is an interesting level to buy the PDVSA 2017 bond. Currently yielding 12.20%. Passive play on oil.
Would do $1.5MM.
EFTA00876651
Let me know
Paul
Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
320 Park Avenue, 14th Floor, New York, NY 10022
NMLS ID# 853441
ok start on a?
On Tue, Oct 9, 2012 at 9:22 PM, Barrett, Paul S > wrote:
Correct
Both NY law.
a) The 2017N issued bond; 8.50% coupon; sinking fund (payable over 2015, 2016, 2017); $6BLN issue size; 12.30% yield
b) The other one has a coupon of 5.25% matures Apr 2017. $3.5BLN issue size; 12.00%
We like (a)
EFTA00876650
Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
320 Park Avenue, 14th Floor, New York, NY 10022
NMLS ID# 853441
lets leg in total 1.5
On Tue, Oct 9, 2012 at 9:31 PM, Barrett, Paul S > wrote:
Yes — we should decide a total size and then average in over the next few weeks
EFTA00876649
Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
320 Park Avenue, 14th Floor, New York, NY 10022
NMLS ID# 853441
ok
On Tue, Oct 9, 2012 at 9:40 PM, Barrett, Paul S <> wrote:
OK — 3 tranches of 500K each. Start today?
Paul Barrett, CFA
Managing Director
Global Investment Opportunities Group
JPMorgan Private Bank
320 Park Avenue, 14th Floor, New York, NY 10022
NMLS ID# 853441