Venezuela's Bond Drama Has Investors Desperate for Information

Venezuelan bonds sold off as the will-they-or-won’t-they drama surrounding the state oil company’s next payment leaves investors desperate for insight on what’s to come.

A New York-based hedge fund manager who holds PDVSA bonds says he has the oil company, the public credit office, two clearing houses and a settlement service on speed dial, periodically calling each one to beg for any information on payments. A portfolio manager in London has his assistants checking in with Euroclear and Clearstream every few hours. Another investor in New York says he’s had to learn the name of the folks who work in his back office since he’s constantly reaching out to them to ask for updates.