Venezuela Bonds Dip

Venezuelan sovereign bonds due in 2022 fell to nearly their lowest level in over a year, ahead of a weekend election in which voters will elect members of a controversial new legislative body championed by President Nicolas Maduro, CNBC reported. The Sunday vote, which critics fear will add to Venezuela’s slide into dictatorship, is being closely watched by Venezuelan debt-holders. The August 2022 bonds dropped more than 2% on Friday, while Venezuela’s currency weakened past 10,000 bolivars per US dollar. The bolivar is down more than 99% against the dollar since Maduro came to power in 2013.