ESPACIO PUBLICITARIO
CARACAS, Monday December 17, 2012 | Update
 
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DEBT | According to Markit

Cost of underwriting Venezuela's debt rises after gubernatorial election

Insurance to protect the creditors of Venezuelan sovereign bonds increased on Monday after the favorable results for pro-government candidates in the election of Sunday, December 16

EL UNIVERSAL
Monday December 17, 2012  01:03 PM
The cost of underwriting Venezuelan government debt in the event of default surged on Monday to reverse a portion of recent profits, following the landslide victory of the followers of President Hugo Chávez in the gubernatorial election, according to numbers provided by Markit.

Credit default swaps (CDS) had dropped since President Chávez appointed a successor on December 8. The action raised the expectations about his stepping down after 14 years in office, Reuters cited.

Nevertheless, on Monday the CDS of the five-year debt bonds climbed 28 base points to 647 base points, according to Markit, a leading, global financial information services company.

Additionally, Venezuela's benchmark bond, maturing in 2007, shed 1.5 cents to USD 99.8.
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One crisis, two visions

A group of some 60 Venezuelan economists from across the country and from different generations and backgrounds, has met regularly in the past couple of years and now has brought forth a document explaining the reasons of the current emergency and outlining specific proposals on how to address the serious economic crisis the country has plunged into over the last three years.

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