Venezuelan bonds fall 2.2%

The prices of the Venezuelan sovereign bonds registered their third consecutive day of falls on Thursday, losing 2.2% of their value on average, with more than half in values ​​lower than 20%, which represents their lowest historical levels.

The bonus that fell the most was the 2018 coupon 13.625%, which lost 4.81% of its value. It is followed by 2027, which lost 3.78% and 2022, which fell 3.48%.

The papers 2022, 2023, 2024, 2025, 2028, 2031, 2034 and 2038 are quoted in the range of 19% of their value.

The Emerging Markets Traders Association (EMTA) indicated that it is debating the conditions in which these papers should be negotiated, so it will issue a recommendation on whether or not the backward interest should be considered.

Venezuela accumulates a delay of $ 619.4 million in coupon payments for the third quarter of last year, corresponding to six bonds whose grace periods have already expired. All of them considered in default by the S & P rating agency.

On the other hand, the PDVSA bonds also suffered losses in the day of this Thursday. The papers of the oil company fell 2%, wave of which only the PDVSA 2020 was saved, which rose 0.2%.

Another piece of news that could have influenced the movement of the market was the decision of a US judge to dismiss the demand of the Canadian mining company Crystallex, which demanded the embargo of Citgo, the Pdvsa subsidiary in the United States, arguing that the republic and the oil company are the same entity.

This sheds light on what could be expected if the holders of sovereign bonds demanded a similar demand in the event of a final default by the Republic.