The U.S. market may be at all-time highs,
but Venezuela seems to keep hitting new lows. J.P. Morgan analysts Javier
Zorrilla and Ben Ramsey report that the state-controlled oil company Petroleos
de Venezuela or Pdvsa has asked for an allowed 30-day grace period in making
payments on the PDVSA 9% 2021s [bonds maturing in 2021 that pay a 9% yield],
PDVSA 6% 2024s and PDVSA 9.75% 2035s. It would have to miss the grace period
before defaulting. More…
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