U.S. Court Ruling Sends Venezuela’s Oil-Backed Bonds into Collapse

A day after a New York court ruling that Venezuelan law would determine the validity of bonds issued by state-run PDVSA oil company, Bloomberg reports that bonds have “collapsed”, slumping on questions over their validity. At stake is $2 billion in PDVSA bonds, and PDVSA notes dropped 17 cents following Tuesday’s ruling, according to Bloomberg.  On Tuesday, the New York State Court of Appeals ruled on the matter after Venezuelan opposition, which controls the state-run oil company’s U.S. assets, said the bonds set to…