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Venezuela ruled in default by trade group after bond payment delays | Reuters

'The net value of CDS on Venezuela’s sovereign bonds is about $1.3 billion. '

'PDVSA also said it made the interest payment on its 2027 bond and “successfully completed” capital payments on the 2020 and 2017N bonds. '

'The International Swaps and Derivatives Association (ISDA) committee’s unanimous decision that the payment delays on two sovereign and three corporate issues constitute a “credit event” triggers limited payouts on credit default swaps (CDS). '

'Venezuelan officials blame payment delays on U.S. sanctions, which have made banks warier of dealing with funds from Caracas, thus clogging transfers. '

'Venezuela and PDVSA have around $60 billion in outstanding bonds, while private estimates put total foreign debt between $120 billion and $140 billion. '

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