Bolivarian Republic of Venezuela

Event Publicly Available Information:

Coupon as due 10/13/2017. 30 days from the missed payment date was Sunday November 12th. No payment has been received as of today November 13th.

Suspension Notice

Forbes Article

FT Article

Prospectus


Deliverable Obligations	Final List Submission of Potential Deliverable Obligations and Challenges

Auction Timeline	Common Event Determination Date: Wednesday, November 15, 2017 Auction Date: Tuesday, December 12, 2017 Auction Settlement Date: Friday, December 15, 2017

Auction Settlement Terms	Final Auction Settlement Terms Blackline against Toys “R” Us, Inc.

List of Participating Bidders	List of Participating Bidders

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Additional Information

Issue Number:

2017111303

Submitted by:

General Interest Question

Category:

Credit Event

Coverage Election:

2014 and 2003 Definitions

Status:

Closed

Outcome:

Question Decided
Procedural History
- Closed
  
  1/10/2018 03:50pm EST
- Ongoing
  
  DCDecision12112017
  12/11/2017 12:30pm EST
- List of Participating Bidders Published
  
  List of Participating Bidders
  12/08/2017 03:40pm EST
- Final Auction Terms Published
  
  Final Auction Settlement Terms for Bolivarian Republic of Venezuela
  12/08/2017 03:35pm EST
- Ongoing
  
  December 7, 2017: The DC met to continue discussions on the Bolivarian Republic of Venezuela CDS Auction. The DC anticipates the publication of the final auction settlement terms on Friday, December 8, 2017.
  12/07/2017 05:05pm EST
- Ongoing
  
  DCDecision12072017
  12/07/2017 03:55pm EST
- Auction Information Published
  
  DCDecision11302017
  11/30/2017 05:25pm EST
- Final List Published
  
  Final List
  11/30/2017 05:20pm EST
- Ongoing
  
  November 28, 2017: The DC met to continue discussions on the Bolivarian Republic of Venezuela CDS Auction. Taking into consideration market participants’ questions around timing for the Bolivarian Republic of Venezuela (Venezuela) Auction, the DC determined that holding the Auction prior to the December 9, 2017 interest payment date for the Venezuela 6.00% Bonds due 2020 (the 2020 Bonds) could potentially result in market confusion and/or an inaccurate Auction Final Price to the extent that participating bidders and/or customers in the Auction provided bids and/or offers that incorrectly calculated the accrued but unpaid interest applicable to the 2020 Bonds. In particular, if an Auction were held prior to the interest payment date for the 2020 Bonds, the Auction Final Price (which is used to settle Auction Covered Transactions and not just Representative Auction-Settled Transactions) could be distorted by incorrect calculations of the accrued but unpaid interest on the 2020 Bonds.
  As a result, for simplicity and to ensure an accurate Auction Final Price, the DC anticipates holding the Auction for Venezuela the week of December 11th.
  Please see the Americas DC iHeart Communications, Inc. Meeting Statement of January 6, 2017 for a similar fact pattern and statement on Auction timing.
  The DC agreed to reconvene on Wednesday, November 29, 2017, at 2:30pm to continue discussions regarding the Auction.
  11/28/2017 05:00pm EST
- Supplemental List Published
  
  Supplemental List
  DCDecision11272017
  The Americas DC notes that the CDS contracts exclude accrued interest and only consider principal amount for settlement and that the recently published EMTA market practice recommendations are not applicable to the Bolivarian Republic of Venezuela CDS Auction. As a result, the Americas DC voted to remove the footnote that was included with the Initial List.
  11/27/2017 05:25pm EST
- Ongoing
  
  November 27, 2017: The DC met to continue discussions on the Bolivarian Republic of Venezuela CDS Auction. The DC agreed to reconvene on Tuesday, November 28, 2017, at 2pm to continue discussions regarding the Auction.
  11/27/2017 04:15pm EST
- Initial List Published
  
  DC Decision11212017
  DC Statement 11212017`
  11/21/2017 05:20pm EST
- Ongoing
  
  November 20, 2017: The DC met to continue discussions on the Bolivarian Republic of Venezuela CDS Auction. The DC agreed to reconvene on Monday, November 27, 2017, to continue discussions regarding the Auction.
  11/20/2017 05:55pm EST
- Ongoing
  
  DCDecision11172017
  11/17/2017 04:15pm EST
- Ongoing
  
  DCDecision11162017
  November 16, 2017: The Americas DC resolved that a Failure to Pay Credit Event had occurred with respect to Bolivarian Republic of Venezuela. The DC agreed to reconvene on Monday, November 20, at 3 pm to continue the discussion regarding an Auction.
  11/16/2017 04:35pm EST
- Ongoing
  
  DCDecision11152017
  November 15, 2017: The Americas DC met on Wednesday, November 15th, to discuss whether a Failure to Pay Credit Event had occurred with respect to Bolivarian Republic of Venezuela. The DC agreed to reconvene on Thursday, November 16, 2017, at 2 pm (New York time) to continue the discussion.
  11/15/2017 11:50am EST
- Request Accepted by DC
  
  11/14/2017 11:45am EST
- Pending DC Consent
  
  11/14/2017 09:40am EST