The government initiates debt restructuring, causing a surge in Venezuela and National Oil Company bonds

Previously, the country initiated what is widely considered to be one of the largest and most complex sovereign debt restructurings in history. According to Tradeweb data, the high-yield bond maturing in 2026 (with a coupon rate of 11.95%) rose by nearly 2 cents, with the bid price slightly above 60 cents. Some bonds issued by Petróleos de Venezuela S.A. (PDVSA) increased by over 3 cents, with trading prices reaching a ten-year high, ranging between 40 and 50 cents. Expand