Venezuela Credit Dashboard: Default Risk Spikes as Payment Looms
- PDVSA faces a $2 billion bond payment due on April 12
- International reserves remain low as oil prices tumble
Why Venezuela's Many Crises Keep Getting Worse
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Traders boosted their bets on a Venezuela default as state oil company known as PDVSA faces a $2 billion bond payment next week.
The implied probability of nonpayment in the next 12 months surged to 56 percent in March from 40 percent in February, according to credit-default swaps data compiled by Bloomberg. That’s the biggest jump in the perceived risk of a short-term default since November, when cash-strapped Petroleos de Venezuela SA missed coupon payments due on its bonds and had to use a 30-day grace period as the opposition called for a national strike and protests.