VENEZUELA · Sovereign Debt
Key Facts
—A formal launch. Venezuela began a formal restructuring of the external debt of the state and oil company PDVSA on May 13, after nearly a decade in default.
—One of the largest ever. The total liabilities, including bonds, loans and accrued interest, are estimated between $150 billion and $170 billion, per Reuters.
—Bonds rallied. After a US license eased the way, sovereign 2027 bonds rose to 55.53 cents on the dollar, a nine-year high, and PDVSA 2037 bonds gained to 40.1 cents.
