Wall Street Exhales After Venezuela Makes Another Bond Payment
Investors in Venezuelan securities are breathing a sigh of relief after the government once again made good on its promise to pay foreign bondholders.
September 22, 2017 at 11:00 PM
4 minute read
Investors in Venezuelan securities are breathing a sigh of relief after the government once again made good on its promise to pay foreign bondholders.
The nation, one of the world's riskiest debtors, said yesterday it was having difficulty wiring a $185 million interest payment that was due Sept. 15. Officials confirmed Thursday that the money was on its way to bondholders. Bank of New York Mellon, the paying agent on the notes, has processed the funds, according to two people with knowledge of the matter.
“This helps a bit,” said Stuart Sclater-Booth, a money manager at Stone Harbor Investment Partners in New York, who puts Venezuela's odds of avoiding default this year at 60 percent. “You know that they are looking under the mattress, under the cushions and going through pants pockets in the laundry for every last dollar when a payment is due.”
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