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…
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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