Venezuelan bonds surged after the US capture of Maduro.

Sovereign and PDVSA bonds, which had traded at pennies until 2023, rose about 22% on the day, pushing the 2027 bond to the 40-cent region.

The movement reflects the perception of a higher probability of debt restructuring, institutional recovery, and future access to the country's assets.

Asset managers and hedge funds that bought distressed debt were the main beneficiaries, and firms like Barclays quickly revised their recommendations in light of the abrupt change in the scenario.