Venezuelan dollar bonds rise as ruling socialists thrashed in election

Government election conference room 

Venezuelan dollar bonds rose strongly on Monday after the opposition beat the ruling socialists in a parliamentary election at the weekend, raising hope of at least some economic reform in the crisis-ridden country. Bonds from the sovereign as well as state oil firm Petroleos de Venezuela (PDVSA) rose as much as 4.2 cents in the dollar, moves that will likely extend further if the opposition fulfils its expectations of a two-thirds majority. The Democratic Union coalition has so far won 99 seats, against the Socialists' tally of 46 seats, with some districts still to be counted. President Nicolas Maduro has called on his supporters to accept defeat. More…