Venezuela's Bonds Surge on Debt Restructuring; PDVSA Debt Up Over 3 Cents on May 14

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According to Tradeweb data, Venezuela's international bonds rallied on May 14 following the government's launch of a major sovereign debt restructuring. Bonds maturing in 2026 with an 11.95% coupon rose nearly 2 cents to trade above 60 cents, while some debt issued by state oil company PDVSA surged over 3 cents to trade between 40-50 cents, marking a decade-high.
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