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Bond Market News
Venezuela, PDVSA Dollar Bonds Rise on US Sanctions Waiver
March 19, 2026
Dollar bonds of Venezuela and state-owned oil company PDVSA climbed yesterday after the US issued a general license allowing American companies to do business with the state-owned oil firm. The latest move to ease sanctions follows the US seizure of President Nicolás Maduro in January and comes amid a global oil price spike driven by the US-Israel war with Iran. Venezuela’s 11.95% 2031s bond rose 2.1 points to 51.1 cents on the dollar, while PDVSA’s 9.75% 2035 bond climbed to 42.8 cents on the dollar. Analysts are optimistic that the waiver will open the door to more players with capital flowing into Venezuela’s energy sector. Investors bet that accelerating the rebuilding of Venezuela’s oil infrastructure could shorten the timeline for a debt restructuring involving nearly $150bn in sovereign and PDVSA obligations. However, the license stops short of permitting new bond trading—a critical step in any formal restructuring—and analysts caution that it’s too early to assess its long-term impact on PDVSA’s value.
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