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Venezuela's PDVSA Makes $1.1 Billion Overdue Bond Payment

  • ‘I’m here doing cartwheels,’ says bondholder Ray Zucaro
  • Venezuela still behind on more than $500 million of payments
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Venezuela Inches Closer to Dictatorship

Venezuela’s state oil company came through with an overdue $1.1 billion principal payment, sending another signal to investors that the cash-strapped country intends to stay current on its obligations even as it seeks debt relief.

Multiple banks with clients who hold the Petroleos de Venezuela notes, which came due Nov. 2, were told by the Depository Trust Company that the bonds were paid Thursday, according to people with knowledge of the matter. Two investors, who also asked not to be identified, said they received the funds. PDVSA didn’t pay the interest that was also due on the notes, the people said. A spokesman for DTC declined to comment.