Investors expect hefty discount on new PDVSA paper

Venezuela is to lever up its main source of US dollars — oil company PDVSA — by a further $4.5bn at a time when bond investors are rapidly losing faith in the country’s failing economy.

  • By Oliver West
  • 14 Nov 2013
PDVSA will raise $4.5bn of bonds that will be repaid in equal instalments in 2024, 2025 and 2026 by placing $1.5bn with the central bank and offering the rest to the company’s suppliers. The bonds are then expected to be sold down gradually into the international market as ...

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1 Bank of America Merrill Lynch (BAML) 4,755 19 11.75
2 Citi 4,288 14 10.60
3 Rabobank 2,633 4 6.51
4 Goldman Sachs 2,615 4 6.46
5 Barclays 2,603 8 6.43

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