UBS Sells Structured Note Worth US$65mn Tied To Venezuela
News: UBS has sold the largest structured note tied to Venezuela since 2009 providing a yield of around 14% as political turmoil caused the country's corporate credit risk to rise. UBS sold US$65mn of securities associated with the debt of Petroleos de Venezuela, according to Bloomberg data. The cost of insuring US$10mn of the firm's bonds against default for five years grew to US$3.4mn in advance and US$500,000 yearly in the week ending March 15 2014. 'There's renewed interest from our sophisticated clients to take exposure to these markets at more attractive levels,' UBS spokesperson Hana Dunn said (Bloomberg).