July 9, 2019 / 1:39 PM / 8 days ago

JP Morgan to cut Venezuela weight to zero in key indexes over five months

LONDON, July 9 (Reuters) - JP Morgan will reduce the weight of Venezuela’s sovereign and PDVSA bonds to zero in its widely-tracked indexes, the bank said on Tuesday, adding the linear five-month phase out process would start on July 31.

“Following the Index Watch assessment initiated on April 11th, the weight of Venezuela’s sovereign and PDVSA bonds in the EMBIG indices will be phased down to zero over a 5-month period beginning July 31st, 2019, and ending on November 29th, 2019,”

Venezuela’s weight was 0.5%, 0.9% and 1.2% in the EMBI Global Diversified, EMBI Global and EMBI+ indices, respectively, it added. (Reporting by Marc Jones; editing by Karin Strohecker)

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