May 16, 2019 / 1:03 PM / in 3 days

Venezuela's ad-hoc PDVSA board begins payment on Citgo-backed 2020 bond

CARACAS, May 16 (Reuters) - Venezuela’s ad-hoc board of directors for state oil company PDVSA, appointed by opposition leader Juan Guaido, has begun paying holders of its bond maturing in 2020, three financial sector sources and one opposition source said on Thursday.

The bond is backed by shares in U.S. refiner Citgo, PDVSA’s crown jewel overseas asset, and failure to make the $71 million interest payment would have allowed bondholders to seize the shares as compensation. (Reporting by Corina Pons and Mayela Armas Writing by Luc Cohen)

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