Hopes of PDVSA payment crumble as CDS trigger looms

Oliver West

November 08, 2017 07:45 am

PDVSA — Flanked by Oil Minister Rafael Ramirez, left, and National Assembly's President Diosdado Cabello, Venezuela's President Nicolas Maduro greets supporters upon his arrival to the National Assembly for his annual state-of-the-nation address in Caracas, Venezuela, Wednesday, Jan. 15, 2014. (AP Photo/Fernando Llano) | Fernando Llano/AP/Press Association Images

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.

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Topics

Derivatives Venezuela Americas LatAm Bonds Emerging Markets Derivs - Credit LatAm Latin America

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Oliver West

US Bureau Chief - Latin America Editor