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Venezuela, PDVSA see buyers step in after early selling; emerging markets slightly better bid
By Rebecca Melvin
New York, Aug. 15 – Buyers stepped in to buy Venezuela and its state-owned oil company Petroleos de Venezuela SA on Tuesday after a bout of early selling, market players said.
At least one private bank was selling bonds of mostly the sovereign, sources said. A bid was hit in the near-dated PDVSA bonds at 90½, however, with the last market seen in this paper maturing in November at 90½ bid, 91½ offered
The selloff followed a quiet Monday, but still spurred speculation that it may have been instigated by comments U.S. President Donald Trump made on Friday that military intervention in Venezuela by the United States is an option to restore democracy in the beleaguered country.
Elsewhere, emerging markets were slightly better bid on Tuesday with quiet flow as concerns about the U.S.-North Korea conflict cooled and investors turned their focus to upcoming events like Jackson Hole and European Central Bank policy, as the summer holiday season continued to sap activity, market sources said.
There were no new issues heard being launched or priced in Latin America, the Central & Eastern Europe, Middle East or Africa, market sources said.
There was a better bid in Russia sovereign debt, while the Middle East was softer, but quiet.
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