January 29, 2019 / 10:14 AM / 4 months ago

Venezuela's PDVSA bonds fall on U.S. sanctions, sovereign bonds gain

LONDON, Jan 29 (Reuters) - Dollar-denominated bonds issued by Venezuela's PDVSA came under pressure on Tuesday after Washington imposed sweeping sanctions on the country's state-owned oil firm, while sovereign debt chalked up small gains.

The PDVSA 2026 bond slipped 1 cent to trade at 24.5 cents in the dollar, while the sovereign 2024 issue added 0.44 cents to 32.2 cents - its highest level in 15 months.

The curbs imposed by President Donald Trump's administration are aimed at severely limiting the OPEC member's crude exports to the U.S. and pressure socialist President Nicolas Maduro to step down. Venezuelan opposition leader Juan Guaido, who proclaimed himself interim president last week with U.S. backing, said congress would name new boards of directors for PDVSA and its U.S. subsidiary, Citgo. (Reporting by Karin Strohecker, editing by Josephine Mason)

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