Only 40% of Venezuela's debt has an identified holder

Of Venezuela’s external debt, only 40% has a holder identified with certainty. The remaining 60% is spread among anonymous retail investors, opaque funds and confidential bilateral agreements.

The fact matters on its own, beyond the amount. An exchange requires summoning and notifying holders. If they are scattered, reaching the acceptance thresholds becomes harder.

In PDVSA bonds the problem grows. There, the law gives each holder a veto over its payment terms. A holder no one can find is a holder no one can convince.

Before setting timelines that depend on a restructuring, it pays to know who is on the other side.