Economics
A Big Venezuelan Creditor Says the Windfall Is Coming for Those Who Can Wait
- GMO buying the country’s bonds when they dip below 20 cents
- Low probability of multidecade isolation for the nation
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One of Venezuela’s largest creditors says a payoff is coming for bond investors willing to suffer months, if not years, of angst.
Grantham Mayo Van Otterloo & Co., among the top 10 reported holders of the country’s debt, is hanging on to the securities it has and buying notes when prices drop below 20 cents on the dollar on a bet the debt is worth at least 30 cents and as much as 100 cents.