A few months ago, I wrote that Venezuela
was a terrible place to invest. But since then, an index that reflects the
price of U.S. dollar-denominated Venezuelan sovereign bonds - the only way
portfolio investors can put money into the country - is up nearly 13 percent.
By comparison, a general emerging markets bond index is up just 2 percent. So
have things gotten better in Venezuela over the past few months? Does this
increase in Venezuelan sovereign debt reflect an improved ability to repay its
obligations? No… just the opposite. More…
No comments:
Post a Comment