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Venezuela’s dollar bonds shot up by 7-8 points across the curve after the US Treasury Department allowed US investors to buy their bonds for the first time in four years in a sanctions relief package. The removal of sanctions thus reverses those enacted by former President Donald Trump in 2019. At the time, Trump tried to cut off Venezuelan President Nicolas Maduro from international capital markets and force him out of office after his reelection in 2018 was considered illegitimate. The lifting of the trading ban is part of measures including easing oil, gas and gold production sanctions to encourage Maduro to hold free elections next year. Venezuelan bonds have been in default since 2017. Also, the nation’s state-owned oil and natural gas company PDVSA saw its dollar bonds jump ~8 points to 15-16 cents on the dollar.
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