The projections for Venezuelan securities coincide with those of analysts, who were almost 100% expecting this scenario in which both candidates claim the presidency.
Bonds of Venezuela and its state oil company PDVSA are trading down between 1.5 and 0.5 cents on Monday, after both the president Nicolás Maduro as his opposition rival, Edmundo González, claim victory in the country’s presidential elections.
The United States markets, where bonds are predominantly tradedhave not yet formally opened, but closing prices on Friday showed falls in sovereign bonds – which have been in default for years – between 18 and 22 cents on the dollar, and most of PDVSA’s debt between 12-17 cents on the dollar.
“So far, everything is in line with expectations,” said the analyst. KNG Securities Bruno Gennari“Maduro has announced that he has won (the elections) and the opposition has challenged it (…) This scenario, for me, was 99% expected,” he added.
Election result
Happens that The Venezuelan electoral authority announced, shortly after midnight, that Maduro had won a third term with 51% of the votes, but the opposition and the United States questioned the result and expressed their “serious concern” about it.
The developments took few by surprise, given that Maduro’s re-election in 2018 was also deemed fraudulent by the United States, among others.
Source: Ambito
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