PDVSA Launches Bond Sale, Swap

PDVSA Launches Bond Sale, Swap

Venezuela Bonds

PDVSA plans to swap 2011 bonds for 2013s in an offer to investors through November 12 and offer new 2017 bonds through the end of the week. The Venezuelan state-owned oil company will sell the $3bn worth of B+ 8.5% of 2017s at par in an offer through Friday. As with previous government offerings, the offer is directed at individuals and businesses with the “sector productivo nacional,” and investors will be allowed to buy the dollar-denominated bonds with Bolivars at a VEB4.30 per dollar rate. R

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