JPMorgan's key index unit puts Venezuela bonds on 3-month observation period
© Reuters. Cranes are seen above buildings in construction in Las Mercedes commercial district in Caracas, Venezuela January 26, 2020. Picture taken January 26, 2020. REUTERS/Manaure Quintero/File PhotoLONDON - JPMorgan's influential bond index unit on Wednesday put Venezuela's sovereign bonds and the notes of its state oil firm PDVSA on an"index watch observation period" for its main emerging market EMBI index until Jan. 31.
Venezuela and PDVSA have around $60 billion of international bonds outstanding, which are in default. “I am a bit surprised,” Carlos de Sousa, an EM portfolio manager at Vontobel in Switzerland, said regarding the three-month observation period. The Wall Street bank had kept the bonds notionally in its EMBI index but dialled their weighting down to zero in November 2019 after Washington had imposed its sweeping sanctions which prevented U.S.-based investors buying the debt.
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BP cut to underweight at JPMorgan after third-quarter resultsSteven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: MKTWgoldstein.
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