Venezuela Seen Heading toward New Issuance

Venezuela Seen Heading toward New Issuance

Venezuela Bonds

Venezuela’s Central Bank is scheduled to complete the auction today of $330m in previously issued PdVSA 2035 dollar-denominated bonds through the SICAD currency exchange system, and the use of bonds suggests a government pragmatism that could mean new issuance ahead. With the government pressured by stagflation and other difficulties this year, many analysts had been predicting such a shift since the election of President Nicolas Maduro in April. Jefferies says it is a “fair assumption that offi

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