Venezuela - Increasing Signals for Regime Change, Timing Still in Question
The gradual tightening of the Maduro administration by the U.S. government has resulted in a noticeable repricing of Venezuelan bonds, which were previously trading at deep default levels. Debt prices have risen from 10 cents on the dollar to just above 30 cents. We believe the U.S. administration has a clear intent to oust Maduro. While the motivations behind this could range from seeking greater access to Venezuela's oil reserves to eliminating a detrimental anti-democratic actor from the region or even pursuing the new National Security Strategy that designates the Western Hemisphe...