As Chavez's Health Has Deteriorated, Investors Have Been Snapping Up Venezuelan Bonds

It’s just been reported that Venezuelan President Hugo Chavez is dead.

What’s the market reaction?

Below is a chart of Venezuelan 15-year government bond yields.

The chart shows that anyone hoping to profit from Chavez’s death probably already missed the rally, as investors have been snapping up these bonds for nearly a year, betting on Chavez’s deteriorating health.

venezuela 15 year government bond yield

Photo: Bloomberg, Business Insider

In other words, today’s news is probably already largely priced into the market.

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