Venezuela has some hefty debt obligations in February, April
and May, but it’s likely that its cash, gold and loans will help it make
payments. The big assumption here from Nomura Securities’ Siobhan Morden, head
of Latin America fixed income strategy: that oil prices average $46 per barrel.
That might seem conservative, but Venezuela gets a lower price for its heavy
oil versus the international benchmark. Morden offered the table showing why,
for all the political instability in the country and the shortages of basic
goods, Venezuela is likely to “muddle through.” More…
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