Our financial services team is advising holders of the Venezuelan sovereign bonds in relation to the possibility of imminent default by the oil-rich South American nation.
Giambrone represents several Italian investors who are spooked by the mounting speculation that President Maduro could halt payments on sovereign bonds. Yield on the bonds have been very high in recent years guaranteeing yearly returns of more than 20%. This has made the bonds a very popular choice of investors in Italy and in Europe generally. Worried investors are now instructing Giambrone to advise them to ensure that an orderly exit strategy may be negotiated with the government of Venezuela, which has already fallen behind on interest payments worth $350 million that were due in early November. Those payments have a grace period that gives the country an additional 30 days to deliver the cash.
Our financial team specialises in advising investors in distressed securities over companies or government entities that are experiencing financial or operational distress, default, or are under bankruptcy. Venezuelan bond holders face significant risk due to the possibility that the country's bankruptcy may render such securities worthless. Government-run oil giant PDVSA owes $985 million on Friday 10 November and owed $1.1 billion in principal on the payment last week. Investors may at any time ask the International Swaps & Derivatives Association to determine whether a credit event occurred that can trigger credit default swaps.
If you wish to know more about how Giambrone can assist distressed holders of Venezuelan bonds, do not hesitate to contact firstname.lastname@example.org or telephone +44(0) 203 102 9482