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SaltWire's Atlantic regional weather forecast for October 26, 2023 | SaltWireNEW YORK/LONDON - JPMorgan has reached out to Venezuela bondholders about normalising the weighting of the country's international notes in its widely followed EMBI indexes, three sources with direct knowledge told Reuters.
JPMorgan's index team, which has made no statement as yet on the future treatment of the Venezuelan bonds, has reached out informally to investors to discuss the topic, the sources said.Venezuela and PDVSA have around $60 billion of international bonds outstanding, which are in default. At the time, JPMorgan indicated that an easing of trading restrictions could trigger a"positive Index Watch" while the weighting would"likely be normalized in proportion to prevailing market capitalization" and would happen in phases.
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