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...