Politics, strife and oil: The Venezuelan crisis and PDVSA
Venezuelan bonds are riding a high as the PDVSA skirted default in late October. The state-owned oil company’s $3bn bond maturing in April 2017 is trading at a two-year high of 87 cents on the dollar, up from a record low of 36 cents in February. Many bondholders believe that Venezuela is a good short-term…