New York City time, on the Expiration Date, such holder's offer to exchange or tender its 2012 Bonds and/or Brady Bonds
in the applicable manner described under the heading "Terms of the Invitation" of the Invitation Materials.
By contrast, based on the value of the underlying collateral of the Brady bonds
, Fitch believes recovery prospects are higher than average for these bonds.
Collateralized USD Par and Discount Brady bonds
to 'BB-/RR3' from 'BB/RR3';
Collateralized Brady Bonds
upgraded to 'BBB-' from 'BB+'.
The ratings on bonds currently in default that were not tendered in last year's distressed debt exchange are unchanged at 'CC/Recovery Rating (RR) 4' for senior unsecured notes and 'CCC-/RR3' for collateralized Brady bonds
Foreign currency Brady bonds
due 2009 to 'B/RR4' from 'B-/RR4'
Fixed Income Markets - Overview - Bond Pricing and Yield Measures - Treasury Securities - Corporate Bonds - Global Bonds-I - Global Bonds-II - Duration - Convexity - Basis Point Value - High Yield Bonds - Brady Bonds
- Option Embedded Bonds - Collateralised Mortgage Obligations - Interest Rate Swaps - Caps, Floors, Collars and Captions - Forward Rate Agreements - Bond Trading Strategies
NEW YORK -- (This is an amended version of a press release issued yesterday and contains revised Brady bonds
information in the second paragraph.
Concerns have arisen about whether a missed payment on the oil obligations constitutes a default on Venezuela's par and discount Brady bonds
due in 2020.
1 billion in global bonds and US$500 million in brady bonds
He has also worked at Chase Manhattan Bank, as a trader of the short to medium term loan portfolio as well as at Donaldson, Lufkin and Jenrette, responsible for proprietary trading and market making for the Mexican and Venezuelan Brady Bonds
Moreover, the government's active liability management strategy has allowed the government to retire this year all of its outstanding Brady bonds
, which has yielded positive net present value gains to the sovereign.