Venezuela’s State Oil Company Bonds Collapse After Court Ruling
- PDVSA 2020 notes slump about 17 cents after Tuesday’s ruling
- Court ruled Venezuela law will determine if the debt is valid
The 2020 notes extended losses Wednesday morning, dropping 9.3 cents this week to around 79 cents on the dollar.
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Bonds from state-owned Petroleos de Venezuela SA collapsed after New York State’s top court ruled Venezuelan law will determine whether the debt is valid.
The 2020 notes extended losses Wednesday, adding to a 17-cent drop over the past two days, according to traders who asked for anonymity as they are not authorized to speak about the securities. They are trading around 72 cents on the dollar.