Bond investors in Venezuela have made a dispiriting discovery.
Last week, traders started quoting prices on a $3 billion note issued by the nation’s state-owned oil company. While the eight-year securities were first sold in October 2014 under New York law, according to data compiled by Bloomberg, not much else is known. The bonds don’t trade on any U.S. exchange, aren’t rated by any major credit-ratings firm and no term sheet has been made public.
Concern that new Petroleos de Venezuela securities were being sold to investors has sparked a 6.2 percent drop in its other notes due in 2022. The benchmark bonds due in November 2017 fell 5.4 percent.
Sebastian Boyd | Bloomberg