Venezuelan Bonds Tumble as Outlook for Devaluation Dims

Venezuelan bonds tumbled after President Nicolas Maduro removed the main economic policy maker, fueling speculation that a devaluation and cut in fuel subsidies that would bolster reserves will be delayed.

The government’s $4 billion of notes due in 2027 sank 0.72 cents to 74.83 cents on the dollar at 12:01 p.m in New York, bringing the two days of losses to 3.85 cents, the biggest drop in 10 months.