The bonds of the South American country rise almost 30 percent

London. Defaulting Venezuelan sovereign bonds rose yesterday after the US kidnapping of Nicolás Maduro raised hopes for one of the largest and perhaps most complex sovereign debt restructurings in history.

Bonds issued by the government and state-owned oil company Petróleos de Venezuela (PDVSA) rose as much as 10 cents per dollar in face value, or about 30 percent, on investor demand following recent events.

The Venezuela 2028 bond advanced 25.98 percent; Venezuela 2031 won 25.78 percent and Venezuela 2027, 24.3 percent, according to Bloomberg.

For its part, PDVSA’s debt maturing in 2037 added 28.20 percent on Monday.

The bonds, which went into default in 2017, were the world’s best performers last year, nearly doubling in price as U.S. President Donald Trump increased military pressure on Maduro.

“Persistent political uncertainty, the high probability of a long and complicated debt restructuring and doubts about Venezuela’s repayment capacity could limit the upside in bond prices,” said Alejo Czerwonko, chief investment officer for emerging markets Americas at UBS Global Wealth Management.

The government of Venezuela and PDVSA have defaulted on bond payments worth about $60 billion, according to analysts.

Meanwhile, China’s top financial regulator has asked its development banks and other large lenders to report their credit exposure to Venezuela, Bloomberg News reported.