PDVSA 2020 Bonds Rally on Recommendation in Citgo Case

Bonds issued by Venezuelan state oil company Petroleos de Venezuela SA (PDVSA) maturing in 2020 rallied following a recommendation in a US court that puts bondholders a step closer to a payout on the defaulted debt.

• Bonds gain more than 3 cents on Tuesday to trade at around 98 cents on the dollar, according to indicative pricing data compiled by Bloomberg
• NOTE: The defaulted notes are backed by a stake in a subsidiary of PDV Holding, owner of US-based refiner Citgo Petroleum Corp. and the subject of a court-ordered auction in Delaware
• On Friday, a special master recommended a ...