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Venezuela crisis is opportunity for foreign bond investors...

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20,000 VEF = $1979.13 USD
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CUSTOM JAVASCRIPT / HTML
CARACAS, Venezuela — As Venezuela's economy teeters on the edge of collapse and some people go hungry, a growing number of foreign investors are reaping outsized returns betting on the oil-rich nation's depressed debt.

Venezuela's bonds have sunk so low amid a deep crisis that even if it defaults on its debt, bondholders reckon there will still be rewards when the South American country eventually recovers, helped by its huge reserves of crude.

Venezuelan dollar bonds on average have returned an impressive 14.1 percent so far this year, according to Datastream figures. That means investors have reaped around $3.5 billion in returns from the bonds already in 2016, according to a calculation by London-based brokerage Exotix Partners.

The figure is nearly three times the $1.2 billion Venezuela plans to spend on imports of pharmaceuticals this year as dire shortages of medicines from anti-itch skin cream to chemotherapy drugs hit home.

The crisis has forced Venezuela to sharply curtail such imports, adding to hardship for millions of people already struggling with triple-digit inflation, power cuts and food shortages.

But with the world's largest proven oil reserves of nearly 300 billion barrels and an almost doubling of oil prices off this year's troughs, the OPEC nation is expected to keep servicing debt at least through 2016.


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