Venezuela Bonds Tumble to Five-Year Low After Crude Oil Drop
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Venezuelan bonds fell to a five-year low as traders projected higher chances of default after OPEC’s decision to maintain oil output pushed crude lower.
The South American nation’s benchmark notes due in 2027 fell 5.5 cents on the dollar to 51 cents at 1:58 p.m. in New York, the lowest level since February 2009. The extra yield investors demand to own Venezuelan debt instead of U.S. Treasuries surged 2.14 percentage points to 20.51 percentage points, according to JPMorgan Chase & Co. data.