You’ve heard it before: things are coming
to a head yet again in Venezuela. But bad news about Venezuela’s debt swap has
put delayed pressure on bonds coming due in 2016 and 2017, Nomura Securities
reports. The proposed bond swap by government-controlled oil company Petroleo
de Venezuela or Pdvsa is not attracting interest, and the deadline for
investors has been pushed forward several times. The goal of the swap is
pushing payment obligations further into the future, when oil prices may be
higher and Venezuela’s dwindled reserves are greater. Ratings agencies
suggested the swap was tantamount to default. Nomura’s Siobhan Morden , head of
Latin America fixed income strategy, writes: More…
Friday, October 21, 2016
2 Venezuela Experts: Friday Bond Deadline, Elections Elevate Risk
You’ve heard it before: things are coming
to a head yet again in Venezuela. But bad news about Venezuela’s debt swap has
put delayed pressure on bonds coming due in 2016 and 2017, Nomura Securities
reports. The proposed bond swap by government-controlled oil company Petroleo
de Venezuela or Pdvsa is not attracting interest, and the deadline for
investors has been pushed forward several times. The goal of the swap is
pushing payment obligations further into the future, when oil prices may be
higher and Venezuela’s dwindled reserves are greater. Ratings agencies
suggested the swap was tantamount to default. Nomura’s Siobhan Morden , head of
Latin America fixed income strategy, writes: More…
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