Market observers believe Venezuela is considering a dollar denominated benchmark global bond following the great reception the sovereign received in Europe on Monday for its Eu1bn 10 year deal.
The offering — Venezuela's first in euros since 2001 — attracted a staggering Eu4.6bn of orders from 400 accounts.
Lead managers Deutsche Bank and UBS were able to revise initial price talk of 7.2% to 7.15% and then 7.10% and price the deal at 7.10%.
Since then Venezuela's public credit director, Rudolf Romer, has discussed plans to buy back $500m in foreign bonds in the first half of this year, part of which could be financed by planned sales of $500m to $1bn of dollar and euro denominated bonds.
Romer's comments had analysts speculating that the sovereign's Brady and yen denominated bonds as well as its euro denominated 2008s and 2011s could be targeted.
Other government officials were later believed to have said that a dollar issue of $1bn to $1.5bn would be launched by the end of March.
While Venezeula's plans remain uncertain, the strength of interest for the euro deal this week at record low yields for Venezuela augurs well for another deal in dollars and euros, whether it is targeted locally or at international investors.
UK, US, Swiss and German accounts bought about 65% of this week's deal, with the rest going to Latin America, Asia and other European countries.
Pricing comparables for the transaction included Venezuela's outstanding Eu250m 2011s, trading at 319bp over mid-swaps bid, which had rallied 40bp-50bp since Venezuela began its marketing efforts in Europe three weeks ago.
Venezuela's 10 year 2014 dollar bond was trading around 315bp-320bp over mid-swaps when the new euro 2015 was priced at 343bp over mid-swaps.
The deal rallied slightly on the break, and on Wednesday it was trading around 325bp over mid-swaps.
Yesterday (Thursday) its dollar price was below its re-offer level of 99.30, but in line with the performance of the rest of the emerging markets.