Venezuela Says "Check Is In The Mail" As ISDA Default Looms

In an apparent shell game with Venezuelan bond payments not appearing under any cup as of Tuesday morning, a Deutsche Bank report recommends investors move out to the long end of the oil-rich nation’s yield curve. With a deadline approaching to trigger an ISDA CDS default, no word on an actual payment has been heard as of Tuesday, the final due date.

[klarman]

Venezuelan oil giant says “check is in the mail”

Venezuela’s state oil company, Petroleos de Venezuela SA (PDVSA), had a critical $842 million bond payment due October 27.  While they said the payment was made, perhaps the more accurate term might be “the check is in the mail.”

While PDVSA claims the...