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Morning Commentary: ‘Hyper focus’ on Venezuela, PDVSA as bonds drop heading into weekend
By Rebecca Melvin
New York, July 28 – Venezuela and Petroleos de Venezuela SA were moving lower again early Friday, hitting recent lows, as selling accelerated ahead of a national vote set to occur on Sunday to install a constituent assembly.
“There is hyper focus on Vene/PDVSA since nobody wants to be long into the weekend,” a New York-based trader said.
PDVSA’s 6% notes due 2026 were a focus of trade and fell to as low as 32¼. The all-time low for that bond was right around 30, the trader said.
The PDVSA 8½% notes due 2017 slid down to 75 bid, 76 offered, down from 77 bid, 79 offered on Thursday.
“Everything is down another 2 to 3 points,” the trader said.
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