from investors

These delegations would be among the first known visits by major U.S. banks

JPMorgan Chase & Co. and Jefferies Financial Group Inc. are organizing trips to Caracas amid rising demand from investors to get a firsthand look at Venezuela's efforts to reactivate its oil-rich economy and restructure its debt after years of isolation.

Executives from Jefferies traveled to the South American country this week and are considering another trip in the coming weeks, while JPMorgan is working on organizing a visit, possibly with clients, according to sources familiar with the matter.

Representatives from JPMorgan and Jefferies declined to comment.

These delegations would be among the first known visits from major US banks, which must navigate rigorous internal approval processes as well as a sanction regime that, although being relaxed, continues to evolve. To date, most visits have been organized by boutique advisory firms, specialized consultancies, and political risk advisors.

Foreign investors are rushing to position themselves for the reopening of the Venezuelan economy. The current government, led by Delcy Rodríguez, has been cooperating with the Trump administration to reopen the oil industry to foreign capital and has committed to restructuring an estimated $170 billion debt, causing a massive surge in the value of its defaulted bonds.

During their trip this week, Jefferies met with executives from the banking sector in an effort to assess conditions in Caracas. All executives were cleared by the bank's compliance department, sources indicated.

An event organized in late March by the US consultancy Signum Global Advisors attracted over 50 hedge fund and oil sector executives to the capital, who met with Rodríguez at the presidential palace.

Venezuela recently hired Hogan Lovells US LLP as legal advisor for its sovereign debt restructuring and retained Centerview Partners as financial advisor, thus laying the groundwork for one of the most extensive debt restructurings undertaken since the Greek crisis over a decade ago. However, additional authorization from the United States is required for the country to initiate formal talks with its creditors.

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