Overview
- Venezuela’s defaulted 2034 sovereign note rose 2.5 cents to 43.01 cents and a PDVSA 2031 bond climbed to 42.60 cents, extending Monday’s sharp gains, according to Tradeweb.
- Prices now sit near their highest levels since before the 2017 sanctions era, capping a rally that accelerated through 2025 and surged again after the weekend operation that ousted Nicolás Maduro.
- Large asset managers and distressed funds are seeing windfalls, with exposure reported at firms such as Fidelity, T. Rowe Price, Gramercy, Broad Reach, Winterbrook, Allianz Global Investors and Ashmore.
- Acting president Delcy Rodríguez signaled openness to work with Washington, and analysts say a credible transition could reopen oil operations and set the stage for formal debt talks.
- Major hurdles persist, including roughly $100 billion in obligations, a fragmented creditor base that includes China, U.S. legal and sanctions constraints and disputes over assets such as Citgo, with banks warning the process could take years.