Foreign Exchange & Fixed Income

Reuters reveals PDVSA's 2020 bond payment in works; bonds rise

Reuters reveals PDVSA's 2020 bond payment in works; bonds rise

Bonds issued by Venezuela and PDVSA rose in price on Oct. 27 after Reuters was first to report that the state oil company had begun the process of making payments on the 2020 bonds due Friday. The move, confirmed by PDVSA hours after the Reuters report, eases short-term fears about default but leaves the leftist government with less cash to attend food shortages in the crisis-stricken OPEC member.