Emerging market fund managers are optimistic about Venezuelan bonds. The Coeli Frontier Markets Fixed Income team, which manages approximately $4.8 billion in assets, has been increasing its holdings in the country's bonds since mid-last year, believing that recent developments in geopolitical dynamics have created opportunities in the bond market. The manager believes that this round of political turmoil will serve as a catalyst for a rebound in bond prices, expecting the market to gradually digest past discount factors and for bond valuations to return to a reasonable range. This reflects institutional investors' optimistic outlook on Venezuela's debt restructuring and policy adjustments, aiming to capture the value recovery potential of undervalued assets through strategic positioning in the country's bonds.