Latest on Ecuador's defaulted bonds buyback

So she ain't that pretty, but who cares? She got the full respected talent.
Maria Elsa Viteri, the Susan Boyle of Ecuador finances.

Yesterday we heard that Ecuador would pay 35c on the dollar to buy back the those defaulted Global 12s and Global 30s with the big day set for June 3rd. Today the news is that the tendering date has been put back to June 12th. According to FinMin Viteri, the extra nine days are to give more time for reflection to those holders she talked to yesterday that are still threatening to hold out. There's clearly a game of cat and mouse going on now, but I'd suppose the fact they're playing these chess games augers well for a happy MuffinEnding.

Meanwhile, Reuters reports the Global 2015s, those bonds originally threatened to be included in the default package but eventually allow to roam free and undefaulted, are now trading at 52.75c on the dollar (yield 24%)....quite a comeback from the 25c prices of December and January.

Chart of the day is....

....soybean futures, weekly candle chart.

"Hey, do some more of those commods charts, Otto" was the mail I received after the the sugar one yesterday. Yeah no problem and here's the chart that shows how the bean is coming to the rescue of Argentina and allowing it a trade surplus.

In fact if you check the Argentine Central Bank currency reserves (now at U$43Bn) and then its owed position (around U$14Bn) and then mull and ponder about the net exit of U$23Bn or so from its financial system in the first four months of this year, you begin to realize just how vital this recent bean rebound is for Klishtina and company.

Meanwhile, back down from the weird world of macroeconomics, how about a trade on the soybean redux? There are plenty to choose from , but I note the same shape shown by Bunge (BG), one of the region's biggest beanmovers.

Guernica by Pablo Picasso

Golden Rectangles
Pablo Picasso (1881 - 1973) was a Spanish painter, draughtsman, and sculptor. As one of the most recognized figures in 20th-century art, he is best known for co-founding the Cubist movement and for the wide variety of styles embodied in his work.

Click the figure below to see Guernica by Pablo Picasso.



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Guernica by Pablo Picasso
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Weeping Woman by Pablo Picasso

Golden Rectangles
Pablo Picasso (1881 - 1973) was a Spanish painter, draughtsman, and sculptor. As one of the most recognized figures in 20th-century art, he is best known for co-founding the Cubist movement and for the wide variety of styles embodied in his work.

Click the figure below to see Weeping Woman, 1937, by Pablo Picasso.



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Weeping Woman, 1937, by Pablo Picasso
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Sleeping Peasants by Pablo Picasso

Golden Rectangles
Pablo Picasso (1881 - 1973) was a Spanish painter, draughtsman, and sculptor. As one of the most recognized figures in 20th-century art, he is best known for co-founding the Cubist movement and for the wide variety of styles embodied in his work.

Click the figure below to see Sleeping Peasants, La Siesta, by Pablo Picasso.



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Sleeping Peasants, La Siesta, by Pablo Picasso.
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The Doves, 1957, by Pablo Picasso

Golden Rectangles
Pablo Picasso (1881 - 1973) was a Spanish painter, draughtsman, and sculptor. As one of the most recognized figures in 20th-century art, he is best known for co-founding the Cubist movement and for the wide variety of styles embodied in his work.

Click the figure below to see The Doves, 1957, by Pablo Picasso.



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The Doves, 1957, by Pablo Picasso.
Pablo Picasso Index

Pablo Picasso Index

Golden Rectangles and Video
Pablo Picasso (1881 - 1973) was a Spanish painter, draughtsman, and sculptor. As one of the most recognized figures in 20th-century art, he is best known for co-founding the Cubist movement and for the wide variety of styles embodied in his work.

Click the figure below to see Pablo Picasso Index.



See also:
Pablo Picasso: 'The Mystery of Picasso'
Pablo Picasso Index