Venezuela’s Benchmark Dollar Bonds Decline to Record Low on Oil
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Venezuela’s benchmark bonds fell to a record low as a plunge in crude prices dimmed revenue prospects for the oil exporting nation amid dwindling reserves.
The bonds dropped 4.4 percent to 36.165 cents on the dollar as of 11:00 a.m. in New York, extending their decline this month to 36 percent. State-owned oil company Petroleos de Venezuela SA’s bonds due in November 2017 retreated 3.1 percent to 43.454 cents on the dollar, also a record low. Venezuela’s 13.625 percent bonds due 2018 fell 27 percent to 44.15 cents while the yield rose 13.72 percentage points.