Reuters
- Venezuelan bonds soared on Thursday after the US lifted bans on their trade.
- The US imposed the restrictions in 2019 due to concerns of an illegitimate election.
- The sanctions can be put back in place if President Nicolás Maduro does not honor a free election next year.
Venezuelan bonds rallied sharply on Thursday, as the US did away with bans that prohibited American investors from trading the country's debt.
Sovereign bonds climbed as high as 21 cents on the dollar, rising from about 11 cents earlier in the week, traders told Bloomberg.
And bonds from PDVSA, the state-run oil firm, jumped to around 17 cents, up from 7 cents previously. Venezuela started defaulting on sovereign and PDVSA bonds in 2017.