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Weekly Report - 12 April 2017 (WR-17-14)
VENEZUELA: Another bond payment goes through, but at what cost?
President Nicolás Maduro says that remaining current on Venezuela’s external debt obligations is a matter of ‘national interest’. On 7 April, the state oil company, Petróleos de Venezuela (Pdvsa), notified investors that it had begun processing its latest payment to external bondholders, for an amount of US$2.06bn in principal and interest, due on 12 April. The payment, the company, noted, demonstrated Pdvsa’s “strong production capacity” and “its solvency”. The statement added that bank transfers had also been initiated three days earlier for two separate bond interest payments, totalling US$122m.
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