Petróleos de Venezuela SA bonds rallied
after the struggling Venezuelan national oil company improved the terms of a
debt exchange in a bid to attract more participation. PdVSA this month offered
investors a new bond maturing in 2020 in exchange for $7.1 billion of debt
maturing next year, a deal that was considered unattractive by bond investors
and analysts. Late Monday, the company came out with a sweetened offer, in
which it reduced the size of the swap and increased the exchange ratios. PdVSA
also extended the early deadline for bondholders to respond to the offer to
Oct. 6 from Thursday. More…
Wednesday, September 28, 2016
Venezuela’s PDVSA Bonds Rally After New Swap Proposal
Petróleos de Venezuela SA bonds rallied
after the struggling Venezuelan national oil company improved the terms of a
debt exchange in a bid to attract more participation. PdVSA this month offered
investors a new bond maturing in 2020 in exchange for $7.1 billion of debt
maturing next year, a deal that was considered unattractive by bond investors
and analysts. Late Monday, the company came out with a sweetened offer, in
which it reduced the size of the swap and increased the exchange ratios. PdVSA
also extended the early deadline for bondholders to respond to the offer to
Oct. 6 from Thursday. More…
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