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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In search for the arepa

The price of a package of precooked corn flour used to make corn cakes called arepas, a staple food in Venezuela, has been regulated at VEB 19, but production cost exceeds VEB 26. At present both state-run and private plants face the same difficulty of having to produce at a loss. But that's just one of the many obstacles facing those involved in putting the arepa on the Venezuelans plate.

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