Investors are snapping up Venezuela’s defaulted debt in a bet that a potential end to Nicolás Maduro’s regime could unlock the once-distant prospect of repayment.
The country’s bonds have rallied in recent days to 33 cents on the dollar, a 40 per cent rise since the start of October, as the Trump administration increases the pressure on the Venezuelan strongman.
That is the highest price since 2019, when US sanctions following the country’s 2017 default prevented creditors from holding restructuring talks with Maduro’s government. Bonds issued by state oil company Petróleos de Venezuela, known as PDVSA, have also rallied strongly.
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