Venezuela Hits Bond Market
Venezuela sold $1.6 billion of 20-year dollar-denominated bonds to domestic investors in early April. The bonds were sold at par with an interest rate of 7.65%. Investors bought the bonds with bolivars; payments will be made in dollars. A month earlier, Venezuela sold
?1 billion ($1.32 billion) in bonds to help finance debt payments. It marked the first time since 2001 that Venezuela issued euro bonds. The euro bonds are due in 2015 and yield 7.1%, lower than the 11% euro-bond issue by Brazil, which carries a higher credit rating. The government of President Hugo Chávez seeks to narrow the budget deficit to 3.5% of GDP or $3.5 billion f
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