Venezuela Bonds Tumble After Oil Output Falls More Than Expected
- Oil output falls across all regions for first time since 2008
- PDVSA seeking to issue new debt to pay service providers
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Venezuelan bonds tumbled Tuesday after IPD Latin America said the country’s oil production fell more than investors had expected.
The yield on the country’s benchmark dollar bond due in 2027 rose 48 basis points as of 2:29 p.m. in New York, the biggest increase on a closing basis in a month, to 25.1 percent. The bond’s price fell 0.88 cent to 41.07 cents on the dollar, according to data compiled by Bloomberg.