Venezuela's bonds rose, with yields over Treasuries narrowing the most since March

Venezuela's bonds rose, with yields over Treasuries narrowing the most since March, after crude oil, the country's biggest export, surged. The extra yield investors demand to own Venezuelan debt rather than Treasuries shrank 40 basis points, the most since March 18, to 5.66 percentage points at 4:19 p.m. New York time, according to JPMorgan Chase & Co.'s EMBI Plus index. A basis point equals 0.01 percentage point. The so-called spread is the smallest since Feb. 29. Venezuelan bonds also climbed on speculation the departure of Finance Minister Rafael Isea won't jeopardize a debt buyback. ``The changes at the ministry will not be dramatic,'' according to Barclays Capital Inc.'s analyst Alejandro Grisanti in New York. ``They will buy back debt, perhaps in the third quarter.''