Traders fear payment delay as upcoming debt lacks grace period Default on bonds backed by Citgo would put refiner in play Venezuelan investors are getting ready for a wild ride over the next five weeks as the government stares down $3.5 billion in debt payments. While all the country’s due dates in the past year have elicited serious hand-wringing, the next few are on a whole new level. That’s because unlike recent transactions in which a 30-day grace period allowed Venezuela to avoid default, the upcoming deadlines have no leniency. Further complicating matters, some of the bonds are backed by a majority stake in Citgo Holding Inc. , potentially putting one of the biggest U.S. refiners in play. “There’s no ‘Oops, I did it again,”’ said Ray Zucaro, the chief investment officer at Miami-based RVX Asset Management, which holds PDVSA bonds, but not the ones with principal payments in […]