iShares JPMorgan USD Emerg Markets Bond (EMB)
NYSEArca - NYSEArca Delayed Price. Currency in USD
- Barrons.com•2 hours ago
The bond swap for Petroleos de Venezuela, known as Pdvsa, reduces the company’s the risk of immediate payment default, Moody’s Investor Services writes, but the state-owned oil company will still have weak liquidity and high refinancing risk. Analyst Rosa Morales and her team write that the exchange does not have any rating implications for Pdvsa. Details from the note: PDVSA manages its liquidity in part from internal cash flows, but the government's fiscal demands and control over foreign exchange, along with the difficulty in obtaining long-term financing, mean it will have to continue to seek alternative funding sources in the shorter-term markets with frequent rollovers and higher refinancing risk.
October is shaping up to be a great month for the U.S. dollar. Month-to-date, the U.S. Dollar Index is up 3.4%, a sizable move for the world's most important currency. October's rally has pushed the buck into positive territory for the year, and to the highest level since February. A Brexit-fueled slide in the British pound and growing expectations of a Federal Reserve rate hike in December are the two biggest drivers of the latest jump in the Dollar Index.
- Barrons.com•3 days ago
S&P Global downgraded its corporate credit rating on Venezuela's state-controlled oil producer late Tuesday, saying a bond swap completed this week was a distressed exchange that are likely to lead to full-blown debt default. S&P lowered its corporate credit rating on Petroleos de Venezuela, known as Pdvsa, to SD or Selective Default, from the non-investment grade rating of CC. S&P also lowered its issue-level ratings on Pdvsa's $3 billion 5.25% senior unsecured notes due in April 2017 and its $4.1 billion 8.5% senior unsecured notes due November 2017 to D from CC.