The oil-rich South American country faces payments of nearly $3 billion in April, mostly on bonds issued by PDVSA. Most of that is due on Wednesday as PDVSA's April 2017 5.25 percent note matures.

The sovereign's 2038 dollar bond rose as much as 1.7 cents, according to Thomson Reuters data and the 2027 issue was up 0.9 cents, with other bonds rising across the curve.

PDVSA's own 2020 dollar bond rose 1.1 cents and its 2021 dollar bond was up as much as 1.6 cents according to Thomson Reuters data.