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Reuters Staff - Venezuela and PDVSA dollar bonds fall on US sanction fears after election

Petroleumworld 08 01 2017

Venezuelan dollar bonds fell on Monday after a controversial weekend election that is seen increasing the powers of President Nicolas Maduro and could open the door to fresh sanctions from the United States.

Opposition parties boycotted the election, saying it was rigged to increase Maduro's powers, a view shared by Spain, the United States and many other Latin American countries.

U.S. officials said on Friday that Washington is considering sanctions on Venezuela's oil sector in response to the election.

Venezuela's benchmark sovereign bond maturing 2038 fell almost one cent, though it stayed off 13-month lows hit on Friday, while dollar bonds issued by state oil firm PDVSA fell across the curve, Thomson Reuters data showed.

PDVSA's benchmark 2037 bond fell 0.8 cent and the 2021 issue lost 0.7 cent.

"I don't think the result of yesterday's election will be a surprise to anyone so it's crucial to see what the United States will say," said Stuart Culverhouse, head of research at Exotix Capital.

"It may mean more targeted sanctions at individuals. I don't expect they will sanction (oil) trade yet, it's a threat they can keep up their sleeve."


Reporting by Sujata Rao; editing by Claire Milhench from Reuters.

07 31 2017

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