GL 5T
GL 5T — PdVSA 2020 8.5% Bond (on or after February 3, 2026)
Version history
- Feb 02, 2026Reemplazada y superada en su totalidad por la GL 5U, con efecto 2 de febrero de 2026.
Issued
Dec 19, 2025
Expiration
No expiration
Authorized entity
PDVSA
Type
General
Scope
Authorizes specific transactions involving the PDVSA 2020 bonds (collateralized by Citgo Holding shares) that would otherwise be prohibited by Section 1(a)(iii) of Executive Order 13835.
Authorized activities
- ·Operaciones secundarias con bonos PDVSA 2020
- ·Pagos de cupón bajo condiciones específicas
Prohibited activities
- ·Ejecución del colateral (Citgo) sin autorización separada
VENE · ECONOMIST Analysis
- Fact
- OFAC publicó GL 5T el 2 de marzo de 2026, manteniendo la protección estructural a Citgo y prorrogando el régimen iniciado con GL 5 en 2019.
- Implication
- El holding Citgo continúa blindado de ejecución por bondholders mientras dure la GL 5T. Esto sostiene el valor presente de Citgo como activo soberano disputado y mantiene viva la tesis de litigación Crystallex/ConocoPhillips ante el tribunal de Delaware.
- Indicator to monitor
- Próxima renovación o expiración de GL 5T (revisión periódica OFAC). Decisión del juez Stark en el caso Crystallex sobre subasta del colateral.
Official source
This summary does not constitute legal advice. The final determination of scope and applicability of any OFAC license requires consultation with qualified legal counsel and review of the official text published by the Office of Foreign Assets Control. VENE · ECONOMIST maintains this page as editorial reference for institutional investors.
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