Venezuela Bond Holders Are in the Dark on PDVSA Payment Status

BloombergDepository Trust Company, one of the intermediaries handling Venezuela’s bond payments, has told traders that the state oil company made a critical payment that was due Oct. 27, according to people with knowledge of the matter.

A trader at Bank of America Corp. told clients that they will probably see the cash in their accounts Thursday morning, according to three of the people. A spokesman for DTC declined to comment.

Bonds from Petroleos de Venezuela SA and Venezuela rallied, with the oil company’s notes maturing in 2020 — which had an $842 million amortization payment due Friday — erasing earlier losses and jumping 1.6 cents to 85 cents on the dollar. …

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During the last several decades, the United States has invested billions of dollars in trying to help the governments of Latin America and the Caribbean deliver better lives for their citizens. This has meant helping them increase internal security by combating the illicit growing and trafficking in narcotics and the activities of terrorist groups, as well as helping them to shore up their democratic and free market institutions.

Unfortunately, in recent years, continued progress in these areas has been threatened, not least by the elections of radical populist governments in Venezuela, Bolivia, and Ecuador. These governments have instituted retrograde agendas that include the propagation of class warfare, state domination of the economy, assaults on private property, anti-Americanism, support for such international pariahs as Iran, and lackluster support for regional counter-terrorism and counter-narcotics initiatives.

We are a group of concerned policy experts that fear the results of these destructive agendas for individual freedom, prosperity, and the well-being of the peoples of the region. Our goal is to inform American policymakers and American and international public opinion of the dangers of these radical populist regimes to inter-American security.