‘Hunger Bonds’ Comeback Shows Depth of Venezuela Debt Rally

Venezuelan bonds that became a global symbol of Wall Street’s indifference to the country’s deep economic crisis are now among the biggest winners in a sweeping debt rally.

“Hunger bonds,” issued by state oil company Petroleos de Venezuela SA, have jumped 70% since the US captured President Nicolas Maduro in January. The securities, which traded at steep discounts in deals that provided the Maduro regime with quick liquidity nearly a decade ago, draw their name from the moral outrage over investors propping up a government while its citizens went hungry.