NEW YORK, March 6 Venezuelan debt prices fell on
Wednesday as investors, who bid up prices in the months before
President Hugo Chavez's death on Tuesday took advantage of early
buying to sell into the rally, knocking benchmark bonds sharply
The 2027 sovereign U.S. dollar-denominated Global bonds
were bid down 2.10 points in price, lifting the
yield up to 9.168 percent, according to Reuters data.
"I think there was a lot of buying in anticipation of him
dying and now we have hit the event. I'm surprised there hasn't
been more selling," said David Spegel, global head of emerging
markets strategy at ING Wholesale Banking.
A charismatic firebrand, Chavez created a highly centralized
political system, overseeing the widespread nationalization the
country's industries. Investors are hoping Venezuela moves back
toward market oriented economic policies and away from Chavez's
socialist "Bolivarian revolution."