PDVSA Bonds Rise After Supreme Court Denies Venezuela Appeal

Bonds of Venezuela’s state oil company due in 2020 rise after the US Supreme Court refused to take up an appeal request from the Venezuelan government.

• The notes, which are secured by assets from a PDVSA subsidiary, rise nearly 2 cents to 82 cents on the dollar, according to traders and data compiled by Bloomberg
  • Highest level in two months, according to pricing data compiled by Bloomberg
• Venezuela was seeking to limit the number of creditors that could participate in a scheduled auction of the subsidiary — a holding company for US-based refiner Citgo Petroleum
  • By declining to hear ...