JPMorgan has retained dollar-denominated debt issued by Venezuela's state-r...
SYDNEY - JPMorgan has retained dollar-denominated debt issued by Venezuela’s state-run oil company PDVSA in a key emerging market bond index as part of its monthly rebalancing, according to two fund managers.
Investors have been concerned about the status of PDVSA debt after Washington imposed sweeping sanctions on the company earlier this year. “JPM had launched a survey, which I’d completed, about what to do about VENZ. The feedback I gave them was, per their index liquidity rules, while the sanctions prevailed, they should be removed,” Vandersteel said in an email.
Since the start of the year, bonds issued by Venezuela and PDVSA chalked up steady gains amid weeks of protests that saw pressure mount on President Nicolas Maduro.
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