Petróleos de Venezuela SA bonds dropped
Monday as creditors balked at the terms the struggling Venezuelan national oil
company offered in a proposed $7 billion debt exchange. PdVSA offered investors
a new bond with an 8.5% coupon maturing in 2020 in exchange for debt maturing
next year, a bid to reduce its cash needs amid a major economic slump. The
company released the details late Friday. Prices for PdVSA’S April 2017 bonds
fell 3% to 71.5 cents on the dollar, after reaching a two-year high on Friday.
The PdVSA bonds due November 2017 declined by 1.6% to 77.5 cents. More… 
Tuesday, September 20, 2016
Venezuela’s PdVSA Bonds Fall After Swap Proposal
Petróleos de Venezuela SA bonds dropped
Monday as creditors balked at the terms the struggling Venezuelan national oil
company offered in a proposed $7 billion debt exchange. PdVSA offered investors
a new bond with an 8.5% coupon maturing in 2020 in exchange for debt maturing
next year, a bid to reduce its cash needs amid a major economic slump. The
company released the details late Friday. Prices for PdVSA’S April 2017 bonds
fell 3% to 71.5 cents on the dollar, after reaching a two-year high on Friday.
The PdVSA bonds due November 2017 declined by 1.6% to 77.5 cents. More… 
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