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Bond Market News
Venezuela Begins $170bn Debt Restructuring Process; Dollar Bonds Rise
May 14, 2026
Venezuela’s dollar bonds rose by 1-2 points after it launched its debt restructuring aimed at reworking $170bn in defaulted sovereign and state oil company obligations. This includes ~$100bn in bonds with accrued interest that have been in default since 2017. The government appointed Centerview Partners as its financial adviser and signaled its intent to move quickly, planning to release a macroeconomic framework and debt sustainability analysis next month. The restructuring involves defaulted bonds, bilateral loans, commercial debt, and international legal judgments owed to creditors worldwide. A bondholder committee including firms such as T. Rowe Price, HBK Capital Management, and Grantham Mayo Van Otterloo has already expressed readiness to begin talks. The process gained momentum following the US capture of Nicolas Maduro in January, post which Venezuelan bonds rallied as investors anticipated progress. However, significant hurdles remain, with US sanctions currently prohibiting Venezuela from directly negotiating with creditors or settling any debt. A Treasury Department license will be required before substantive restructuring work can proceed. Analysts also flag the broader complexity of coordinating among a diverse global creditor base while managing ongoing litigation and international court judgments.
Venezuela’s 11.95% 2031s traded higher by 1.4 points to 60.3 yielding 25.1%
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