Hopes of PDVSA payment crumble as CDS trigger looms
Holders of PDVSA’s 2017 bonds were suddenly filled with dread by Tuesday’s close as rumours of the overdue maturity payment being made could not be confirmed. Its credit default swap price worsened on the expectation a credit event would be declared.
As investors and analysts have tried to digest last Thursday’s announcement by Venezuelan president Nicolás Maduro that he would restructure all the country’s debt, the $1.169bn PDVSA maturity payment due on that day initially slipped somewhat under the radar.
Indeed, during that same speech Maduro had said — to
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