A Must-Read for Venezuelan Bond Traders

Investors left in the dark by Hugo Chavez's battle with cancer are turning to a political gossip columnist for insight. Nelson Bocaranda, who writes a twice-weekly column in the Caracas-based El Universal newspaper, last June revealed that Chavez had cancer five days before the Venezuelan president announced that doctors in Cuba had removed a tumor from his pelvic area. On Feb 20, the columnist blogged on Twitter that Chavez had secretly traveled to Cuba and needed to undergo further surgery. In recent weeks investors have bought Venezuelan bonds, speculating that Chavez's departure, assuming he's too weak to campaign for reelection in October, would be good for the economy. Bocaranda's scoops have helped fuel the bond rally, says Francisco Ghersi, co-managing director of Caracas-based Knossos Asset Management.