Source: Yahoo Finance —
A hedge fund manager who correctly timed the crash of the US housing market and a crypto currency rally eight years ago thinks he’s found his next overlooked investment: Venezuelan debt.
Bonds the country defaulted on nearly five years ago are trading around record lows, with some oil debt available for 2 cents on the dollar. Adding to the risks, the government is under sanctions that prohibit US investors from buying the notes.
Yet, Lee Robinson said recent engagement between Washington and Venezuela President Nicolas Maduro signals an eventual easing of sanctions, which would open the door for the government to restructure the $60 billion, plus interest, it owes bondholders. His London-based company, Altana Wealth, has been loading up on the paper ever since it launched a dedicated Venezuela debt fund in 2020, recently doubling its investment to about $40 million.
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