Venezuela is attempting to resell at a deep discount $5 billion of bonds it originally issued in December through a Chinese brokerage as it struggles to squeeze through a tightening cash crunch, according to investors who were offered the bonds.
The move is the country’s latest extraordinary move to raise funds after being shut out of the international debt market in recent years as its oil-rich socialist economy crumbles.
While much of Wall Street sees default as a matter of time, the offer could appeal to investors willing to take on the risk in exchange for potentially significant returns. Goldman Sachs Group Inc. recently paid $865 million for $2.8 billion in Venezuelan bonds .... https://www.wsj.com
