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Oct 15, 2014
Oct 15, 2014

Venezuela’s debt insurance costs surge on oil price drop

NEW YORK, Oct 15 (Reuters) – The cost for insuring
Venezuelan sovereign debt against default or restructuring
surged on Wednesday as global oil prices swooned to a 27-month
low before rebounding, illustrating rising investor concerns
over the OPEC member nation’s ability to service its debt.

An investor wanting to insure a $10 million trade for five
years would need to spend $4.175 million as an up-front cost. In
addition they would have to pay $500,000 annually, for the
duration of the credit default swap contract, according to data
provider Markit. On Tuesday the up-front cost was $3.868
million.

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    • About Daniel

      "I'm a New York-based global investment correspondent with over 20 years of experience covering financial markets, business and foreign policy. My current post lets me roam across all asset classes and geography, from the developed to the emerging markets. I've reported and taught business and economic journalism from Asia, Europe, Latin America and the United States. Prior to joining Reuters I was a producer at CNN Business News in New York."
      Joined Reuters:
      1997
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