The rebound of Venezuelan bonds after Nicolás Maduro's departure generated optimism in the markets, with increases exceeding 25% and a decrease in country risk. However, Venezuela faces a debt of 170,000 million dollars, resulting from the 2017 default, international sanctions, and litigations in New York and London.

The new government will have to rebuild credibility and negotiate with creditors, while strategic assets like PDVSA and CITGO are at risk due to lawsuits. The magnitude of the debt also impacts regional investors, including those in Colombia.

In conclusion, although the rally reflects expectations of political change, the real challenge will be a complex and prolonged restructuring, with high risk for those betting on these bonds.