by Tyler Durden
The Venezuelan bond market - described by
Bloomberg as one of the 'tiniest and almost certainly the most primitive' in the world - is also
one of the most dangerous.
Based in Caracas where Nicolas Maduro's socialist government is 'ever so slowly freeing up the battered economy' for
capitalistic endeavors, the US dollar has become the defacto currency. Yet, there's no electronic method to electronically transfer USD from one bank to another - which means having to get creative.
So when a local rum maker decided to become the first company to sell dollar bonds in the country in at least two decades,