The Venezuela Debt Map
A comprehensive guide to the $150 billion+ in obligations currently in default.
This reference document provides a comprehensive overview of Venezuela's external debt obligations.
Headline Numbers
Total external debt: $150–170 billion (estimated)
GDP (2025 IMF): $82.8 billion
Debt-to-GDP ratio: 180–200%
Default date: November 2017
Sovereign Bonds: ~$32 Billion
Approximately $32 billion in sovereign bonds across 14 issuances. All in default since 2017.
Key series (current trading levels as of January 2026):
9.25% 2027: ~43 cents on dollar
7.75% 2034: ~35 cents
9.0% 2023 (matured): ~30 cents
Various other maturities extending to 2038
Structure: Most bonds lack modern collective action clauses (CACs). Typical thresholds of 75–85% for series-by-series approval create significant holdout risk.
PDVSA Bonds: ~$28 Billion
Approximately $28 billion across 8 issuances. In payment default since 2019.
Critical issuance: PDVSA 2020 (6.0%, $2.8 billion)
Secured by 50.1% pledge of Citgo Holding shares
Validity disputed in SDNY litigation (Petróleos de Venezuela S.A. et al. v. MUFG Union Bank, N.A. et al.)
Resolution affects Citgo sale process
Accrued Interest
Including past-due interest, total bondholder claims have risen to approximately $98 billion—versus $60 billion original principal.
Judgment Claims: ~$19 Billion (Registered)
Claims registered in Delaware Citgo proceeding:
ConocoPhillips — $8.5B — ICSID award
Crystallex — $1.4B+ — ICSID award
Gold Reserve — ~$1B — ICSID award
Various others — ~$8B — Mixed origins
Bilateral Debt
China: $10–15 billion (disputed; oil-backed loans to Chavez/Maduro governments)
Russia: ~$3 billion (Rosneft-related)
Where to Trade
Secondary market trading in Venezuelan bonds is permitted under OFAC general licenses. Major dealers include JPMorgan, Citigroup, and Goldman Sachs.
Minimum trading sizes typically $1 million+ for institutional accounts.
For institutional inquiries regarding research access, data services, or advisory engagement:
Contact the Desk