A defaulted bond issued by Petroleos de Venezuela SA rose to a record high after an affiliate of Elliott Investment Management emerged as the recommended bidder for its assets in the US, including refineries, pipelines, terminals and fuel-distribution channels.
The bonds, which matured in 2020, jumped four cents on the dollar on Tuesday to trade at par for the first time since they were sold in a swap operation in 2016, according to indicative pricing data compiled by Bloomberg.
The rally comes after Amber Energy, an affiliate of Elliott, was selected by a court official in Delaware on Friday as ...
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