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Published on 9/21/2017 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.

Venezuela, PDVSA bonds higher after word of debt payment; Russia prices $4 billion taps

By Rebecca Melvin

New York, Sept. 21 – Venezuela sovereign and Petroleos de Venezuela SA bonds traded better intraday Thursday as word hit the tape that a missing payment on the Venezuela 2027 notes due Sept. 15 had been paid, a market source said.

The payment due on the Venezuela 2027 bonds was for $155 million or $185 million. The government had tweeted out late Wednesday that the payment was delayed due to technical difficulties.

Investors took the situation in stride, with the Venezuela curve trading flat for several days this past week, having bounced off the lows notched two weeks ago and hanging mostly in the upper level of the range, a market source said.

The market was well bid on Thursday, an East Coast-based trader said. On Wednesday the market pulled back in reaction to reports that the government was missing the payment, slipping a point or so, and then reacted positively after the government’s tweet.

The Venezuela 2027 notes were seen 38½ bid, 39½ offered Thursday afternoon, after trading at 38 early in the session.

Elsewhere, Russia priced $4 billion of taps of its notes due 2027 and 2047, raising the total amount outstanding in these issues to $7 billion.


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