“Acceleration becomes the next step — and a check to see if Venezuela will quickly cough up the money to pay the coupon and halt a potential acceleration,” Russ Dallen, the managing director at Caracas Capital, wrote in a note to clients. “Venezuela’s reaction to the potential acceleration could be the final clarification for still-hopeful bondholders about whether they were actually going to get paid or not.”

https://www.bloomberg.com/news/articles/2018-01-09/managers-set-to-mark-down-venezuela-holdings-as-bonds-trade-flat