Bond Yields Likely To Edge Higher

Our suspicion that the gravity-defying rally in Venezuela's outstanding international bonds would eventually be subjected to the laws of physics appears to be playing out. The yield on the benchmark Global 2027 bond has this week slipped below key short term support, suggesting a possible reversal. Currently trading around 12.8% we would not be surprised to see the yield crawl higher over the coming weeks, with the next level of assistance coming in at around 14.0%.

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