Contrarian approach to investing in Venezuelan bond market
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Santiago
WANT to make money in Venezuela's bond market? Ignore the conventional wisdom.
Stone Harbor Investment Partners LP has done just that. The New York-based money manager has been buying up the country's soon-to-mature notes as a bet that the struggling oil-producing country will scrounge up enough cash to continue making payments in the short-term. The move has paid off, with bonds maturing next month from Venezuela's state-owned oil company returning 37 per cent since the end of 2014. On average, emerging-market bonds lost 0.5 per cent this year.
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