"So far everything is in line with expectations," said KNG Securities analyst Bruno Gennari. "Maduro has announced that he has won (the elections) and the opposition has challenged him (...) This scenario, for me, was 99% expected."

Bonds of Venezuela and those of the state oil company PDVSA were trading between 1.5 and 5 cents on the dollar on Monday, after both President Nicolás Maduro and his opposition rival Edmundo González claimed victory in the presidential elections from the country.

US markets, where bonds are predominantly traded, had not yet formally opened, but closing prices on Friday showed sovereign bonds - which have been in default for years - between 18 and 22 cents on the dollar, and most PDVSA debt between 12-17 cents for every dollar.

The Venezuelan electoral authority announced shortly after midnight that Maduro had won a third term with 51% of the vote, but the opposition and the United States questioned the result and expressed "serious concern" about the result.

The events took few by surprise, given that Maduro's 2018 re-election was also considered fraudulent by the United States, among others.

"So far everything is in line with expectations," said KNG Securities analyst Bruno Gennari. "Maduro has announced that he has won (the elections) and the opposition has challenged him (...) This scenario, for me, was 99% expected."