Very quickly and completing the last post, the price of the PDVSA bonds was set at 105.5 and the coupons for each bond were set at 5.25% for the 2017, 5.375% for the 2027 and 5.5% for the 2037. This means that if the bonds go where they should after a month or so, you will be getting US$ at around Bs. 2,800, in the worst case Bs3,200 and in the likely case Bs. 3,000 or so. Not a bad deal. Just one warning, don’t ask for more than you can afford, you may get it all!!
The Devil's Excrement
Observations focused on the problems of an underdeveloped country, Venezuela, with some serendipity about the world (orchids, techs, science, investments, politics) at large. A famous Venezuelan, Juan Pablo Perez Alfonzo, referred to oil as the devil's excrement. For countries, easy wealth appears indeed to be the sure path to failure. Venezuela might be a clear example of that.
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The Devil's Excrement 