Venezuela's bonds have been on quite a run. They were already up 100% before recent geopolitical tensions escalated dramatically. Once the new developments hit, the rally accelerated—another 30% jump on top of that initial surge. It's a textbook case of how political uncertainty can reshape market dynamics for emerging market debt. The bond movements reflect traders reassessing country risk premiums and positioning around potential policy shifts. When geopolitical events reshape the landscape this sharply, asset prices tend to move hard and fast.