Latin American Economy & Business - November 2018

Although the government remains in default on most external bonds, it is desperately trying to remain current on its obligations on the Pdvsa 2020 bond, with a US$949m repayment falling due on 29 October. The bond is backed by 50.1% of shares in Pdvsa’s US-based refinery arm, Citgo, which remains an important physical asset for the government.