Venezuelan Credit Dashboard: Next Big Payment Due in April
- Investors decreased short-term default expectations to 59%
- Oil prices ended year up 57% from levels seen at end-2015
Why Venezuela's Many Crises Keep Getting Worse
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Venezuela looks set to start 2017 with a somewhat quiet first quarter in terms of debt repayment, with only $1.1 billion due over the first three months of the year. A majority of that -- $726 million -- has to be paid back in February.
The next big test is set for April, when nearly $3 billion comes due, and the market will be watching for any sign that might signal if either the government or state owned oil company PDVSA will attempt to try another swap operation to push out maturities. With the central government issuing new dollar debt for the first time since 2011 in late December, investors will be looking to see how the $5 billion of new notes are used.