(Bloomberg) U.S. President Donald Trump resumed his criticism of OPEC, saying on Twitter that the cartel “must get prices down now!”. Trump’s fresh intervention in the oil market comes before a meeting of ministers from the Organization of Petroleum Exporting Countries and its allies in Algeria on Sunday. His complaint follows signals from Saudi Arabia that it was content to see prices climb above $80. That’s been a red line for the White House in the past, provoking the president to direct his first social-media barb against the cartel since July 4. According to commodity analyst Giovanni Staunovo, Trump’s tweet makes sense “with oil prices close to the highs of the year,” Considering the upcoming OPEC meeting in Algiers, he wants to keep the pressure on the group ahead of the mid-term elections.”

Plans are in earnest to refinance Petrotrin’s US$850Mn bond which fall due 2019, with a request for proposals (RFP) expected as soon as next month according to the company’s chairman Wilfred Espinet. 

In an effort to curb losses emanating from the company’s operations, Petrotrin in a statement released on August 28, 2018 announced that it will be closing its Pointe-a-Pierre oil re­fin­ing op­er­a­tions while completely re­designing its Ex­plo­ration and Pro­duc­tion divisions.  Refinancing the 2019 in­ter­na­tion­al bond, held widely by for­eign in­vestors, is seen as one of the key is­sues fac­ing the com­pa­ny whose re­fin­ery operations are scheduled to be closed in two weeks. Estimates are that approximately 3500 permanent workers and another 1200 non-permanent workers will be affected by the closure which is expected to cost the state-owned Oil Company upwards of $1Bn.  However, concerns abound that the costs associated with the closure may come out well above the $1Bn estimate due staff related costs such as pension benefits as well as unpaid supplier costs.   

With respect to the refinancing plans, Es­pinet indicated that the company is currently weighing its options, stating further, “we'll is­sue a re­quest for pro­pos­als for re­fi­nanc­ing by Oc­to­ber. It will take a lit­tle time but we an­tic­i­pate that with­in the next two months we should have an idea of where we are on the sit­u­a­tion.”

Source: Trinidad & Tobago Guardian

(Bloomberg)  A group of Digicel Group Ltd. bondholders hired financial adviser Moelis to negotiate better terms for a proposed debt exchange, according to people familiar with the matter.

The group includes Ashmore Group Ltd. and holders of a majority of the targeted bonds, said the people, who asked not to be identified because the discussions are private The same creditors hired law firm Akin Gump Strauss Hauer & Feld, people familiar with the matter said this month. The advisers are seeking to coordinate with a separate group of creditors represented by law firm Milbank, Tweed, Hadley & McCloy, the people said.

“Digicel remains in ongoing and constructive discussions with an ad hoc group of noteholders regarding the exchange offers and consent solicitations,” a representative for the company said in an emailed statement, without elaborating Representatives for Moelis, Ashmore and Milbank declined to comment on the talks. An Akin Gump official didn’t return calls and emails seeking comment.

Bondholders have balked at elements of a plan outlined by Irish billionaire Denis O’Brien’s phone carrier on Aug. 31 and quickly organized to push for better terms. Digicel asked them to exchange $2 billion of bonds due in 2020 and $1 billion of notes due in 2022 for new securities maturing two years later.

Under the plan, the latter notes would be structurally subordinated to the rest of the capital structure and could be repaid with more debt. Digicel is also seeking to remove many key covenants in the existing bonds.

An early tender deadline was extended to Sept. 28 from Sept. 14.

(CNBC) China said it will institute new tariffs on U.S. goods worth $60 billion on Sept. 24, according to a Reuters report. The media outlet said the Asian country's tariff rate on a list of 5,207 U.S. products will range between 5 percent and 10 percent. This is in retaliation to Trump's announcement on Monday, that his administration will impose 10 percent tariffs on about $200 billion of imports from China effective Sept. 24. Trump, in a statement, said that the tariffs would rise to 25 percent on Jan. 1, 2019. Earlier on Monday, White House economic advisor Larry Kudlow said Trump has not been satisfied with trade talks. The world two largest economies have already applied tariffs to $50 billion of each other's goods. 

(JSE) GraceKennedy Limited (GK)  has announced that one of its associated companies in Barbados, Signia Financial Group Inc., has acquired Globe Finance Inc.

The acquisition will result in the formation of the amalgamated company, which will be known as SigniaGlobe Financial Group Inc.

GK currently holds a 40% shareholding in Signia and will hold the same 40% stake in the new entity, SigniaGlobe Financial Group Inc.

The transaction is estimated to cost a total of BBD11.8 million. GK Capital Management Limited, the investment and advisory arm of GK, advised Signia in the transaction.

Bank of England Governor Mark Carney joined a meeting of U.K. government ministers yesterday to share worst-case economic scenarios used by the central bank as part of its Brexit planning. He warned of a 35 percent collapse in house prices and surging inflation that could lead to rate hikes. On the negotiation front, things seem to have slowed to a crawl. Today’s scheduled meeting between Brexit Secretary Dominic Raab and his EU counterpart Michel Barnier will now just be a phone call, as both sides gear up for an informal EU summit next Thursday. 

(Bloomberg) President Donald Trump damped hopes of a successful and timely outcome from proposed trade talks between the U.S. and China. In a tweet yesterday, he said that his officials “are under no pressure to make a deal,” a move seen as undercutting Treasury Secretary Steven Mnuchin who issued the invitation to Beijing. Chinese state media warned the nation shouldn’t expect a quick resolution as Trump has not changed his thinking. 

A barrel of West Texas Intermediate for October delivery was trading at $69.70 by 5:45 a.m. as crude held onto yesterday’s gains following yesterday’s U.S. inventory data that increased fears of a supply crunch. Russian Energy Minister Alexander Novak told reporters that the country could add as much as 300,000 barrels per day to production within a year, if needed, as output concerns increase ahead of U.S. sanctions on Iran kicking in on Nov. 4. 

The futures markets shows the highest chance yet of two more hikes from the U.S. central bank this year, with the first seen as a near certainty at the Federal Reserve meeting later this month. In Europe, the press conference following the ECB’s monetary policy decision tomorrow may help investors decide on the timing of a rate hike, with traders betting on no move until end-2019, later than economists’ projections. Officials familiar with the ECB’s latest projections say forecasts for euro-area growth will be tweaked lower as trade tensions damp global demand.

(Bloomberg) -- Govt of Barbados posts terms of debt restructuring offers for local currency debt on govt website.

* Institutional holders of Barbados dollar-denominated treasury bills, treasury notes, debentures, loans and bonds owned by the central govt and state-owned enterprises will begin receiving restructuring offers this week

* Creditors given until 5 p.m. on Sept. 28 to accept terms; new debt instruments to be issued by end of October

* Several restructured instruments to include a clause that would “allow for the capitalization of interest and the deferral of scheduled amortizations falling due over a two-year period following the occurrence of a major natural disaster”

* Govt says in a separate statement that holders of “outstanding US dollar-denominated commercial debt” will be “invited to participate in the comprehensive debt restructuring program in a separate and subsequent transaction”