PDVSA Bonds, CDS Gap Out on Exxon News

PDVSA Bonds, CDS Gap Out on Exxon News

PDVSA’s bonds and CDS widened significantly on Thursday and Friday of last week as trading desks digested the news of an injunction awarded to Exxon in several international courts, including in the UK and the Netherlands, to freeze $12bn of the state-owned oil company’s assets. On Friday, PDVSA 5-year CDS were 60bp wider over Thursday levels, at 690bp-740bp in active trade, according to a trader at a high-yield shop. The company’s 2017 bonds were down 2.5 points on the day at 68-69, he added. T

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial