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Bond Market News
Venezuela’s Dollar Bonds Drop by 1-2 Points Ahead of DSA
June 23, 2026
Venezuela’s dollar bonds fell by 1-2 points across the curve. Bonds issued by state-oil company PDVSA also declined, extending losses since Venezuela formally launched its debt restructuring in mid-May. Analysts note that the selloff comes amid unease ahead of an economic overview and debt sustainability analysis (DSA) expected this month. Venezuela, which has been in default for nearly a decade, is restructuring an estimated $150–200bn in obligations. The DSA is intended to anchor creditor negotiations and frame one of the largest sovereign restructurings since that of Greece over a decade ago. However, producing the report on an accelerated timeline has drawn scepticism with Venezuela only recently resuming publishing basic macroeconomic data. The nation has yet to undergo an independent audit of its finances or engage the IMF, both seen as prerequisites for a credible restructuring framework. StoneX strategist Ramiro Blazquez noted that the absence of DSA news was amplifying uncertainty, warning that more conservative assumptions could imply larger haircuts than markets currently anticipate. Besides, formal creditor talks remain blocked by US sanctions, which prohibit debt restructuring or new issuance without explicit Treasury authorisation.
Venezuela’s 11.95% 2031s dropped by 1.8 points to 54.8 yielding 28.9%
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