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,