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Venezuela's PDVSA board makes payment on 2020 bond

Venezuela's ad-hoc board of directors for state oil company PDVSA, appointed by opposition leader Juan Guaido, on Thursday said it has made an interest payment on its bond maturing in 2020, delaying uncertainty over its crown jewel U.S. asset. 
 
The PDVSA bond is backed by shares in U.S. refiner Citgo and failure to make the $71 million interest payment would have allowed bondholders to seize the shares as compensation.
 
But Citgo may still be at risk of seizure because the company has a $913 million interest payment due on October 27. 
 
Other creditors of Venezuela, including Canadian mining company Crystallex, are also attempting to seize Citgo in order to collect on unpaid debts.
 
President Nicolas Maduro's government had remained current on the 2020 bond even as it fell behind on more than $10 billion in interest and principal payments on other bonds issued by PDVSA and the government. 


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