Venezuela's state oil company PDVSA announced on Monday the
results of a bond swap, in which creditors holding $2.8 billion of debt agreed
to swap their holdings for $3.4 billion of new bonds maturing in 2020. The deal
was below the $5.325 billion the company was aiming for and Bloomberg reports
that Venezuela had to "pawn one of its most attractive assets — Citgo
Petroleum Corp., the US unit of PDVSA — to persuade investors to accept the
deal." Still, it does give the company a chance to catch its breath — if
only for a second. More… 
Wednesday, October 26, 2016
Venezuela's small win won't help it in the long run
Venezuela's state oil company PDVSA announced on Monday the
results of a bond swap, in which creditors holding $2.8 billion of debt agreed
to swap their holdings for $3.4 billion of new bonds maturing in 2020. The deal
was below the $5.325 billion the company was aiming for and Bloomberg reports
that Venezuela had to "pawn one of its most attractive assets — Citgo
Petroleum Corp., the US unit of PDVSA — to persuade investors to accept the
deal." Still, it does give the company a chance to catch its breath — if
only for a second. More… 
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