Blog
External debt
PDVSA bonds: an exchange needs a yes from almost 100% of holdersThe law governing PDVSA bonds gives each holder a veto over its payments. That changes the timeline, the risk and the price of any restructuring.
The Venezuelan crude basket
Merey: of the $8 discount to Maya, only $2 is permanentThe discount on Venezuelan crude has four parts, and three are temporary. A model that blends them penalizes the long-term price.
Water pumped at home
Household pumps are 96% of the units and 25% of the moneyIn water pumping, volume and money sit in opposite segments. No single metric describes this market.
Assets that do not operate
Venezuela is not a country without assets: it is a country with assets that do not operateThe power system, Puerto Cabello and the refining base run at a third of their capacity. Rehabilitating costs a fraction of building.
Insurance in hard numbers
Venezuelan insurers do not make money insuring: they make it in the treasuryThe sector has lost money on its underwriting since 2021. The profit comes from the treasury, and that treasury lives on devaluation.
More money, fewer insured
Group health policies fell 32% while insurance grew in dollarsThe channel employers buy lost a third of its policies in two years. The move to individual insurance does not explain it.