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Venezuela bondholders inch toward showdown

Monday, June 19, 2017

Banks warned about Venezuelan deals

In early May, Goldman Sachs turned down a request from Caracas to convert $US5 billion in sovereign bonds into marketable securities, partly because it would mean dealing directly with a Venezuelan state bank, according to people familiar with the talks. The complexity of the operation was the primary concern for Goldman, but the Wall Street bank also weighed reputational risks after opposition politicians called it to warn about the potential damage of being seen as aiding President Nicolas Maduro's administration, according to an advisor to opposition lawmakers and a person familiar with the discussions. Both declined to be named because the talks were private.. More…

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