IKN

a plague o both your houses

Chart of the day is…..

…the Venezuela Bolivar Fuerte (VEF) to US Dollar (USD) parallel exchange rate, 2009 to date.

With PdVSA reportedly upping its July dollar bonds offer to U$3Bn (we’ll find out for sure Thursday) we may see a bit of improvement in the permuta….or we may not. On a more general note, ever since that Miami slush house closed its parallel exchange business back in March (note spike), the bid/ask gap has been wider than a house….good business to be in, methinks….

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