PDVSA Bonds Rally as Chavez Suffers New Health Setback
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Venezuelan bonds rallied, with yields on notes from the state oil company falling to a record low, as President Hugo Chavez suffered a new setback in his recovery from a fourth cancer operation.
Yields on Petroleos de Venezuela SA’s 8.5 percent bonds due in 2017 fell 57 basis points, or 0.57 percentage point, to 8.46 percent at 2:40 p.m. in Caracas, data compiled by Bloomberg show. The price of the securities from PDVSA, as the company is known, rose 2.21 cents to 100.14 cents on the dollar.