For investors in Venezuela’s state-owned oil producer, its
sweetened bond-swap terms are outweighing Congress’s threat to question the
deal. Petroleos de Venezuela SA’s $4.1 billion of notes due in November 2017
have climbed 9.4 percent to a two-year high since Sept. 26, when the
cash-strapped company said it will pay holders as much as 1.22 times the face
value of the bonds in exchange for longer-maturity securities. The new notes
will still be backed by a 50.1 percent stake in U.S. oil refining unit Citgo
Holding Inc. More…
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