Venezuela’s dollar bonds have surged more than 50 per cent in price this year as investors bet that pressure on Nicolás Maduro’s government from the Trump administration has increased the likelihood of Caracas one day regaining access to global markets.
The South American country defaulted in 2017 and has been barred from restructuring its debts by US and international sanctions. However, the bonds still trade, in effect allowing investors to buy and sell claims on an eventual debt workout.
Prices have rallied this month to about 25 cents on the dollar, their highest level in more than half a decade, up from 16 cents at the start of the year as Maduro’s grip on power has appeared to weaken.
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