> ## Content Index > Fetch the complete content index at: https://www.sovereigncreditorreview.com/llms.txt > Use this file to discover other available public pages before exploring further. # The Daily Docket — Sunday 25 October: Rubio's CIA appeal to Cubans; quiet weekend in the courts - URL: https://www.sovereigncreditorreview.com/the-daily-docket-sunday-25-october-rubios-cia-appeal-to-cubans-quiet-weekend-in-the-courts/ - Published: 2026-10-25T05:30:00.000Z - Updated: 2026-10-25T05:29:59.000Z - Description: Secretary Rubio urged Cubans to make "discrete" contact with the CIA, and Havana rejected the US "threats". No Citgo ruling, and no OFAC, UK or EU change. - Author: Sovereign Creditor Review Staff - Tags: Daily Docket **Sunday, 25 October 2026** · Coverage to 00:20 ET, Sunday 25 October · By Sovereign Creditor Review Staff Desks: Venezuela · Cuba & Title III · Senegal · Ethiopia · Other --- ## 1\. Bottom line 1. Secretary of State Marco Rubio urged Cubans seeking "positive change" to work with the CIA, the same day President Trump told a Florida rally that Washington would "take care of Cuba" after Iran, Reuters reported. Cuba's foreign minister said Havana rejects "any threats stemming from U.S. ambitions toward Cuba" ([CBS News](https://www.cbsnews.com/news/rubio-cuban-work-with-cia/?ref=sovereigncreditorreview.com)). 2. The Third Circuit has still issued no ruling on the PDV Holding sale appeals argued on 21 October, and OFAC's recent-actions page shows nothing after 21 October ([Vene Economist](https://veneeconomist.com/en/pulse/ve-pulse-0160-22-10-2026?ref=sovereigncreditorreview.com); [OFAC](https://ofac.treasury.gov/recent-actions?ref=sovereigncreditorreview.com)). 3. Fitch affirmed Ukraine at 'CCC' on 23 October and noted Eurobond principal is deferred to 2029 after the GDP-warrant restructuring ([Investing.com](https://www.investing.com/news/world-news/fitch-affirms-ukraine-at-ccc-as-international-aid-offsets-escalating-war-costs-4970431?ref=sovereigncreditorreview.com)). ## 2\. Top story: Washington's Cuba rhetoric steps up "To those who seek to create positive change in Cuba - now is the time," Secretary Rubio wrote on X on Friday 23 October, urging them to "seize this opportunity to create the change you desire through a discrete partnership with the CIA." The CIA reposted the message and published Spanish-language instructions for secure contact ([CBS News](https://www.cbsnews.com/news/rubio-cuban-work-with-cia/?ref=sovereigncreditorreview.com); [AFP](https://www.afp.com/en/rubio-urges-cubans-work-cia-warns-be-discreet?ref=sovereigncreditorreview.com)). At a Florida rally the same day, President Trump said, "We'll have one of them stop about 50 yards off the coast ... then we're going to send Marco Rubio in to finish up the deal," and called it "a little stopover," USA Today and AP reported ([USA Today](https://www.usatoday.com/story/news/politics/2026/10/24/trump-rubio-escalate-rhetoric-cuba-us/92418931007/?ref=sovereigncreditorreview.com); [AP](https://apnews.com/article/donald-trump-cuba-venezuela-florida-3b33aab6719558e289632e974c7a82ad?ref=sovereigncreditorreview.com)). Foreign Minister Bruno Rodríguez Parrilla said on X, "We reject any threats stemming from U.S. ambitions toward Cuba" ([CBS News](https://www.cbsnews.com/news/rubio-cuban-work-with-cia/?ref=sovereigncreditorreview.com)). Deputy Foreign Minister Carlos Fernández de Cossío wrote, "Now the United States is resorting to public recruitment for the CIA," AFP reported ([AFP](https://www.afp.com/en/rubio-urges-cubans-work-cia-warns-be-discreet?ref=sovereigncreditorreview.com)). We found no executive order, OFAC action or State Department document setting out the terms of any "deal." ## 3\. What changed - **23 Oct · Cuba:** Secretary Rubio called on Cubans to make "discrete" contact with the CIA, and the CIA posted Spanish-language contact instructions ([CBS News](https://www.cbsnews.com/news/rubio-cuban-work-with-cia/?ref=sovereigncreditorreview.com); [AFP](https://www.afp.com/en/rubio-urges-cubans-work-cia-warns-be-discreet?ref=sovereigncreditorreview.com)). - **23–24 Oct · Cuba:** Foreign Minister Rodríguez Parrilla and Deputy Foreign Minister Fernández de Cossío rejected the US statements on X, as reported by CBS News and AFP (links above). - **23 Oct · Ukraine:** Fitch affirmed Ukraine's long-term foreign-currency rating at 'CCC', citing a projected 2026 budget deficit of 18% of GDP and an additional USD 27bn financing gap this year ([Investing.com](https://www.investing.com/news/world-news/fitch-affirms-ukraine-at-ccc-as-international-aid-offsets-escalating-war-costs-4970431?ref=sovereigncreditorreview.com)). - **24 Oct · Senegal:** The FSDT unions called a press conference for 10:00 on 24 October at the CNTS in Keur Madia to give turnout figures and announce next steps; CNTS secretary-general Mody Guiro told RFI the unions were "satisfied" with the strike (our translation) ([Walf](https://walf-groupe.com/blog/2026/10/24/greve-de-72-heures-le-fsdt-convoque-la-presse-ce-samedi-pour-dresser-le-bilan-et-annoncer-la-suite/?ref=sovereigncreditorreview.com); [RFI](https://www.rfi.fr/fr/afrique/20261024-s%C3%A9n%C3%A9gal-quel-bilan-apr%C3%A8s-les-trois-jours-de-gr%C3%A8ve-g%C3%A9n%C3%A9rale?ref=sovereigncreditorreview.com)). We found no report of what was announced. - **24 Oct · Markets (EM):** Gramercy's weekly put Senegal's hard-currency sovereign return for the week at -4.13% and said Venezuela and Lebanon "sold off sharply" (index data as of 23 October, mid-day) ([Gramercy](https://www.gramercy.com/2026/10/em-weekly-october-24-2026/?ref=sovereigncreditorreview.com)). ## 4\. Desk notes **Venezuela.** No material change since 23 October 2026\. The PDV Holding sale appeals (3d Cir. Nos. 25-3347 et seq.) await decision after the 21 October argument before Judges Restrepo, Porter and Matey, with no date set to rule ([Vene Economist](https://veneeconomist.com/en/pulse/ve-pulse-0160-22-10-2026?ref=sovereigncreditorreview.com)). On Law360's account, the panel "appeared skeptical" that the sale order should be overturned on appearance-of-bias grounds ([Law360](https://www.law360.com/articles/2540328/3rd-circ-questions-claims-of-bias-in-6b-citgo-sale?ref=sovereigncreditorreview.com)). We found no order on Venezuela's abeyance motion and no OFAC licence for Amber. Gramercy wrote that the debt sustainability analysis "is taking longer than signaled" and that restructuring "is likely to proceed in stages" ([Gramercy](https://www.gramercy.com/2026/10/em-weekly-october-24-2026/?ref=sovereigncreditorreview.com)). *Who is affected:* Holders of the PDVSA 2020 bonds, for whom about USD 2.1bn of sale proceeds is earmarked, per Vene Economist, and judgment creditors in the Delaware process. From 5 Nov, OFAC's GL 5Z permits PDVSA 2020 holders to enforce against the pledged CITGO Holding shares ([OFAC](https://ofac.treasury.gov/sanctions-programs-and-country-information/venezuela-related-sanctions?ref=sovereigncreditorreview.com)). *Next trigger:* GL 5Z takes effect on 5 November 2026; the Third Circuit has set no date to rule. **Cuba & Title III.** We found no new Title III ruling in the coverage window from the Eleventh Circuit, SD Fla or SDNY. The 2026 rulings in force, each with its own court and date: - *Havana Docks Corp. v. Royal Caribbean Cruises* (US Supreme Court, 21 May 2026): vacated and remanded ([Supreme Court opinion](https://www.supremecourt.gov/opinions/25pdf/24-983%5Fc07d.pdf?ref=sovereigncreditorreview.com)). On remand in the Eleventh Circuit, Havana Docks argued that the USD 440m judgment against four cruise companies should be reinstated, Law360 reported on 14 October ([Law360](https://www.law360.com/articles/2537728/havana-docks-wants-440m-cruise-cos-judgment-revived?ref=sovereigncreditorreview.com)). - *Exxon Mobil Corp. v. Corporación CIMEX* (US Supreme Court, 23 June 2026) ([Arnold & Porter](https://www.arnoldporter.com/en/perspectives/advisories/2026/08/will-exxon-mobil-v-cimex-lead-to-more-helms-burton-act-claims?ref=sovereigncreditorreview.com)). - *Rodriguez v. Imperial Brands PLC* (Eleventh Circuit, 23 July 2026): affirmed dismissal for lack of personal jurisdiction ([Eleventh Circuit opinion via CourtListener](https://storage.courtlistener.com/pdf/2026/07/23/luis%5Fmanuel%5Frodriguez%5Fv.%5Fimperial%5Fbrands%5Fplc..pdf?ref=sovereigncreditorreview.com)). On policy, see the Top story. OFAC's latest Cuba action remains the 15 October BICSA designation with FAQ 1276 ([OFAC FAQ 1276](https://ofac.treasury.gov/faqs/1276?ref=sovereigncreditorreview.com)). *Who is affected:* Foreign counterparties of BICSA, which have until 14 November to wind down under FAQ 1276; Title III plaintiffs and defendants in remanded cases. *Next trigger:* UN General Assembly debate on the embargo resolution on 27–28 October, with the vote reported for 28 October ([Reporter World News](https://www.reporterworldnews.com/news/world/2026/10/16/cuba-accuses-us-targeting-havana-through-un-event-ahead-embargo-vote?ref=sovereigncreditorreview.com)). London: No new public filing. **Senegal.** The staff-level agreement on a USD 2.2bn ECF (1 September) still awaits the Board, which the IMF has said requires financing assurances from official creditors ([Financial Afrik](https://www.financialafrik.com/en/2026/10/17/senegals-debt-imf-clarifies-key-to-unlocking/?ref=sovereigncreditorreview.com)). The bondholder group (advised by Alvarez & Marsal, with White & Case as counsel) holds USD 2.2bn of USD 5.2bn outstanding bonds, Reuters reported on 14 October ([Reuters via Qiraat Africa](https://qiraatafrican.com/en/22290/senegal-bondholders-pick-financial-adviser-for-debt-talks-sources-say/?ref=sovereigncreditorreview.com)); the bank committee picked Houlihan Lokey on 23 October (see 24 October issue). Gramercy said Senegal's "1Q27 restructuring target looks optimistic" ([Gramercy](https://www.gramercy.com/2026/10/em-weekly-october-24-2026/?ref=sovereigncreditorreview.com)); Reuters' sources had reported a December target for deals. *Who is affected:* Eurobond holders, commercial-bank lenders and official bilateral creditors, each in a separate committee. No IMF money is disbursed before Board approval. *Next trigger:* FSDT next steps (announced 24 October, content not verified); Official Creditor Committee assurances (no date set). **Ethiopia.** No material change since 22 October 2026\. The consent solicitation for the USD 1bn 6.625% Eurobond has not been launched; Fitch said on 16 October it expects a launch "in the coming weeks," with a 75% threshold ([bne IntelliNews](https://new.intellinews.com/articles/fitch-keeps-ethiopia-at-restricted-default-as-1bn-eurobond-restructuring-nears-completion-tigray-war-looms-476623?ref=sovereigncreditorreview.com)). *Who is affected:* Holders of the 6.625% bond, who would receive a USD 880m 6.15% bond maturing 15 July 2029 and USD 99.375m for missed coupons ([Addis Fortune](https://addisfortune.news/last-of-six-to-close-ethiopia-sets-december-for-bond-swap?ref=sovereigncreditorreview.com)). *Next trigger:* Launch of the consent solicitation (no date set); IMF sixth-review talks expected in November ([The Reporter](https://www.thereporterethiopia.com/53417/?ref=sovereigncreditorreview.com)). **Other.** *Ukraine:* Fitch affirmed 'CCC' on 23 October (see What changed). Gramercy reported the Kremlin said on 21 October it is ready to resume trilateral talks with the US and Ukraine "in the first half of November, possibly in Abu Dhabi" ([Gramercy](https://www.gramercy.com/2026/10/em-weekly-october-24-2026/?ref=sovereigncreditorreview.com)). *Lebanon:* Gramercy said progress "hinges on passage of the gap law" before the May 2028 elections. No material change since 22 October 2026 for Zambia, Ghana, Sri Lanka or Argentina. ## 5\. What to watch 1. A Third Circuit opinion or order in Nos. 25-3347 et seq., including on Venezuela's abeyance motion. 2. Any OFAC licence decision on Amber's acquisition of PDV Holding, and GL 5Z taking effect on 5 November. 3. Any US executive or OFAC action on Cuba following the 23 October statements, and the UN General Assembly embargo vote on 28 October. 4. Senegal: what the FSDT announced on 24 October; Official Creditor Committee financing assurances. 5. Ethiopia: publication of the consent solicitation memorandum. ## 6\. Analysis (paid) On Cuba, the 23 October statements are a social-media post and rally remarks, not a legal instrument. The operative US measures remain the embargo regulations and the 15 October BICSA designation ([OFAC FAQ 1276](https://ofac.treasury.gov/faqs/1276?ref=sovereigncreditorreview.com)). We found no licence, executive order or bilateral text published since. In Venezuela, Gramercy described the country as "the most constructive restructuring story" at the Bangkok meetings while cautioning that "optimism should not be confused with near-term resolution," citing the need for more data for an Article IV and a delayed debt sustainability analysis ([Gramercy](https://www.gramercy.com/2026/10/em-weekly-october-24-2026/?ref=sovereigncreditorreview.com)). The court and the Treasury still control separate steps on Citgo: Vene Economist notes that even if the sale order is affirmed, Amber can close only with an OFAC licence. On Senegal, the gap between the December target reported by Reuters and Gramercy's view that a 1Q27 target "looks optimistic" is a difference in sources, not a new official timetable. Gramercy added that "debt-servicing capacity potentially becom\[es\] binding by March." ## 7\. Next 14 days (25 October–7 November) | Date | Matter | Forum | What to watch | | ---- | ------ | ----- | ------------- | | | | | | | 27–28 Oct | Cuba embargo resolution, vote reported for 28 Oct | UN General Assembly | The vote and any US response ([Reporter World News](https://www.reporterworldnews.com/news/world/2026/10/16/cuba-accuses-us-targeting-havana-through-un-event-ahead-embargo-vote?ref=sovereigncreditorreview.com)) | | First half Nov (no date) | Possible US–Russia–Ukraine talks | Kremlin statement, per Gramercy | Whether a date is set ([Gramercy](https://www.gramercy.com/2026/10/em-weekly-october-24-2026/?ref=sovereigncreditorreview.com)) | | 5 Nov | GL 5Z takes effect (PDVSA 2020) | OFAC | Any amendment before then ([OFAC](https://ofac.treasury.gov/sanctions-programs-and-country-information/venezuela-related-sanctions?ref=sovereigncreditorreview.com)) | | No date | PDV Holding sale appeal | 3d Cir. | Opinion; order on the abeyance motion | | No date | Havana Docks remand | 11th Cir. | Briefing or argument date | | No date | Ethiopia consent solicitation | Bondholders | Launch; 75% threshold | | November (no date) | Ethiopia sixth ECF review talks | IMF | Start of review talks | | No date | Senegal financing assurances | Official Creditor Committee / IMF | Assurances, then a Board date | We verified no IMF Board dates for Senegal or Ethiopia in this window. Just outside it: the BICSA wind-down period under FAQ 1276 ends on 14 November. ## 8\. Sanctions and licences - **OFAC (US):** No new action published since 21 October 2026; the recent-actions page lists nothing for 22–24 October as of our check at about 22:35 ET Saturday ([OFAC](https://ofac.treasury.gov/recent-actions?ref=sovereigncreditorreview.com)). Most recent by programme: - *Venezuela:* GL 60A (earthquake relief), 16 October ([OFAC](https://ofac.treasury.gov/recent-actions/20261016?ref=sovereigncreditorreview.com)). - *Cuba:* BICSA designation and FAQ 1276, 15 October, with wind-down non-targeting through 14 November ([OFAC FAQ 1276](https://ofac.treasury.gov/faqs/1276?ref=sovereigncreditorreview.com)). - *GL 5Z:* From 5 Nov, OFAC's GL 5Z permits PDVSA 2020 holders to enforce against the pledged CITGO Holding shares ([OFAC](https://ofac.treasury.gov/sanctions-programs-and-country-information/venezuela-related-sanctions?ref=sovereigncreditorreview.com)). - We found no specific licence for Amber's PDV Holding acquisition. - **UK (FCDO/OFSI):** No change since 16 October 2026\. The UK Sanctions List page, checked tonight, still shows its last update as 16 October (3 variations under the ISIL (Da'esh) and Al-Qaida regime); no Venezuela or Cuba entry since January 2025 ([GOV.UK](https://www.gov.uk/government/publications/the-uk-sanctions-list?ref=sovereigncreditorreview.com)). - **EU:** No Venezuela or Cuba change verified since 15 October 2026 ([Consilium](https://www.consilium.europa.eu/en/press/press-releases/2026/10/15/closing-loopholes-council-lists-individuals-and-entities-for-circumventing-eu-sanctions/?ref=sovereigncreditorreview.com)). The Venezuela measures run to 10 January 2027 under Decision (CFSP) 2025/2586 ([EUR-Lex](https://eur-lex.europa.eu/eli/dec/2025/2586/oj?ref=sovereigncreditorreview.com)). No 2026 amendment to the blocking statute annex for US Cuba measures found ([European Commission](https://finance.ec.europa.eu/eu-and-world/open-strategic-autonomy/extraterritoriality-blocking-statute%5Fen?ref=sovereigncreditorreview.com)). ## 9\. Markets Markets were closed on Saturday; the latest closes are Friday 23 October. - **Brent (ICE, front month):** settled at USD 116.72/bbl on 23 October, up 6.24% on the week from USD 109.86 ([Dow Jones via Morningstar](https://www.morningstar.com/news/dow-jones/202610237901/front-month-ice-brent-crude-rose-624-this-week-to-settle-at-11672-data-talk?ref=sovereigncreditorreview.com)). - **Gold (Comex):** settled at USD 3,991.10/oz on 23 October, down 4.05% on the week ([Dow Jones via Morningstar](https://www.morningstar.com/news/dow-jones/202610237436/comex-gold-ends-the-week-405-lower-at-399110-data-talk?ref=sovereigncreditorreview.com)). This replaces the third-party USD 4,016.60 "close" in our 24 October issue. - **Senegal hard-currency sovereigns:** \-4.13% on the week in the JPMorgan EMBI data cited by Gramercy (as of 23 October, mid-day) ([Gramercy](https://www.gramercy.com/2026/10/em-weekly-october-24-2026/?ref=sovereigncreditorreview.com)). Last verified 2037 euro bond bid: 48.931 cents on 20 October (Tradeweb, via Reuters) ([CNBC Africa](https://www.cnbcafrica.com/2026/senegal-bonds-fall-after-sonko-opposes-budget-bills?ref=sovereigncreditorreview.com)). - **Venezuela/PDVSA, Ethiopia and Cuba debt:** we could not verify prices from public sources for this issue; Gramercy said Venezuela "sold off sharply" this week without giving a figure. --- *Disclosure: the proprietor of Sovereign Creditor Review and its affiliates may hold or take positions in matters discussed, and the founders have advised sovereigns and creditors and may do so again. Information only; not legal, investment or other advice.* [*Full disclosure*](https://www.sovereigncreditorreview.com/editorial-standards/)*. Corrections: corrections@sovereigncreditorreview.com*