Venezuelan Bonds Slide After S&P Lowered Credit Rating
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Venezuela’s bonds sank to a 17-month low after Standard & Poor’s lowered the country’s credit rating, citing an economic slowdown and soaring inflation.
The nation’s benchmark dollar bonds due 2027 slid 4.23 cents to 68.85 cents on the dollar today, the lowest since April 2013, as of 4:45 p.m. in New York. The extra yield investors demand to own Venezuelan bonds over U.S. Treasuries widened 0.94 percentage point to 14.69 percentage points, the biggest increase in emerging markets, according to JPMorgan Chase & Co indexes.