GL 5W
GL 5W — PDVSA 2020 8.5% Bond
Version history
- May 04, 2026La GL 5W reemplaza y supera en su totalidad a la GL 5V (19-mar-2026) y mueve la fecha de entrada en vigor del 5-may-2026 al 19-jun-2026.
- Jun 18, 2026Reemplazada y superada en su totalidad por la GL 5X, con efecto 18 de junio de 2026.
Issued
May 04, 2026
Expiration
No expiration
Authorized entity
PDVSA — Bono 2020 8.5% (colateralizado por acciones de CITGO Holding)
Type
General
Regulation
31 CFR part 591 (VSR)
Executive orders
E.O. 13835 (modificada por E.O. 13857)
Signatory
Bradley T. Smith, Director, OFAC
Signed
May 04, 2026
Scope
Authorizes certain transactions related to the PDVSA 2020 8.5% bond on or after June 19, 2026. Supersedes GL 5V and extends the regime initiated with GL 5 (2019) protecting CITGO Holding from bondholder execution on collateral. The shortest extension in the series (45 days) signals Treasury coordination with the CITGO sale process in the Delaware court.
Authorized parties
Authorized activities
- ·Operaciones secundarias con bonos PDVSA 2020 (mercados regulados)
- ·Pagos de cupón bajo condiciones específicas (post-19-jun-2026)
Prohibited activities
- ·Ejecución del colateral CITGO sin autorización separada
- ·Cualquier transacción antes del 19 de junio de 2026 cubierta por la sección 1(a)(iii) de EO 13835
Conditions
- ·Aplica únicamente a partir del 19 de junio de 2026
VENE · ECONOMIST Analysis
- Fact
- OFAC publicó GL 5W el 4 de mayo de 2026, retrasando la fecha efectiva al 19 de junio de 2026. Es la extensión más corta (45 días) de toda la serie GL 5 desde octubre de 2019; las extensiones previas han sido típicamente de 3 a 6 meses.
- Implication
- La extensión más corta de la serie es la señal de que Treasury está sincronizando el calendario regulatorio con el proceso de subasta en la corte de Delaware (Crystallex/ConocoPhillips). La oferta de Amber Energy/Elliott por CITGO ($11B propuestos) es ahora una transacción condicionada por OFAC, no una decisión judicial pura. Para tenedores del bono PDVSA 2020 el camino preferente es una specific license negociada, no una sentencia.
- Indicator to monitor
- Resolución del proceso D. Del. antes del 19 de junio de 2026. Aprobación específica OFAC para Amber-CITGO. Probable emisión de GL 5X con nueva extensión si no hay cierre.
Official license textShow
General License No. 5W — Authorizing Certain Transactions Related to the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond on or After June 19, 2026
(a) Except as provided in paragraph (b), on or after June 19, 2026, all transactions related to, the provision of financing for, and other dealings in the Petróleos de Venezuela, S.A. 2020 8.5 Percent Bond that would be prohibited by subsection 1(a)(iii) of E.O. 13835 of May 21, 2018, as amended by E.O. 13857 of January 25, 2019, and incorporated into the VSR, are authorized.
(b) This general license does not authorize any transactions or activities otherwise prohibited by the VSR, or any other part of 31 CFR chapter V.
(c) Effective May 4, 2026, General License No. 5V (March 19, 2026) is replaced and superseded in its entirety by this General License No. 5W.
Bradley T. Smith — Director, OFAC. Dated: May 4, 2026.
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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