$VZLA - Venezuelan sovereign bonds have rallied from 5 cents to over 30 cents on the dollar with expectations of further gains from debt restructuring under potential regime change.
$PDVSA - PDVSA bonds trading at distressed levels with significant upside if Venezuela's oil infrastructure is rebuilt with US backing.
$OILWARRANTS - Value recovery instruments tied to oil prices expected as part of Venezuelan debt restructuring, offering leveraged play on oil recovery.
Bearish:
$VZLACREDITORS - Legacy bondholders likely to face significant haircuts and years of deferred payments as oil revenues prioritized for infrastructure and US interests.