CS Frets Over Vene Solvency

CS Frets Over Vene Solvency

Andean

Credit Suisse is recommending flat positions in Venezuela bonds after a decline in oil prices which could undermine the Andean nation’s solvency. The shop says it is cutting losses on a June 8 recommendation of long positions in sovereign 2023s hedged with 5-year CDS. “Our main argument for extending duration in Venezuela was the benefit the external and fiscal accounts would derive from the strength of global oil prices. The recent sharp drop in commodity prices has come at an inopportune time

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