Venezuela’s state oil company PDVSA has apparently only made a partial interest payment due on three bonds last week. About $539m of coupon payments on bonds maturing in 2021, 2024 and 2035 were due on Friday, but according to the intermediaries, Citi and Clearstream, only $135m has been deposited as payment for one of the bonds, JPMorgan analysts said in a note on Monday. Although Venezuela has a 30-day grace period to make a full payment before a default can be declared, the partial payment is a worrying sign that the country is running out of money even earlier than expected. The impact on Venezuelan and PDVSA bonds appears muted, and JPMorgan’s analysts said they expected the full payment to be made within the 30 days: