Misery Seen From Space Too Much for This Venezuela Bonds Fan
- BlueBay Asset Management cuts holdings of nation’s bonds
- Venezuelan debt returned about 50% in ‘16, Graham Stock Says
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There are plenty of reasons why BlueBay Asset Management LLP cut its holding in Venezuelan bonds, from the empty shelves in the supermarkets of Caracas to a nationwide dearth of spare auto parts.
But few were more compelling than the satellite photograph of Puerto Cabello on the Caribbean coast, home to the country’s biggest port, which shows a once-vibrant terminal bereft of vessels.