Heavyweight Jpmorgan Invests In Restructuring

Venezuelan Bonds Surge on US Trading Ban Lift

Heavyweight JPMorgan Invests in Restructuring

Increased Weighting in Widely Tracked Indices

NEW YORK/CARACAS, Oct 19 (Reuters) - Venezuelan sovereign bonds rallied sharply on Thursday, a day after the United States lifted its ban on secondary market trading of the securities. The move marks a significant shift in US policy towards Venezuela, which has been under US sanctions since 2019. Venezuelan bonds rose sharply after the Biden administration allowed US investors to buy the notes for the first time in four years. This lifting of the ban is a part of a broader softening of US sanctions against Venezuela. Bonds from Venezuela and its state-owned oil company are rallying after JPMorgan Chase Co laid out a plan to re-weight the securities in widely tracked indices. Venezuelan bonds have risen to their highest levels in three months as JPMorgan Chase Co begins to increase the weight of the securities in widely followed indices. The bonds were issued by the Venezuelan government and two state-owned companies: national oil champion PDVSA and the utility Elecar.