Ashmore’s Massive Bet on PDVSA’s Bond Roiled by Default Concern

With talks intensifying over Venezuela’s state oil giant potentially missing a payment in late October on the nation’s only bond not currently in default, Ashmore Group Plc has more at stake than anyone else, Bloomberg News reported. The London-based investment firm holds more than 51% of Petroleos de Venezuela’s 2020 notes, followed by BlackRock Inc. and T Rowe Price Group Inc., according to data compiled by Bloomberg. Ashmore boosted its holdings last year as Nicolas Maduro’s government began defaulting on some $11 billion in debt. The administration has stayed current on those bonds because they were backed by collateral in Houston-based refiner Citgo Holding. Read more

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