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Venezuela: bonds

Issuance of Venezuelan global bonds reached USD 7.4bn in 2010. The government of Venezuela sold USD3.0bn worth of global bonds in international debt capital markets in 2010. PDVSA raised USD4.1bn in global bonds. During the first three quarters of 2011 flow of global bonds from Venezuela totaled USD10.35bn, including 4.2bn of Venezuelan sovereign bonds and USD6.15bn of Bonos PDVSA.
Venezuelan bond market is state-run. State companies, joint ventures, community councils and private companies must be authorized to sell debt. The public bond transaction system called SITME is used instead of Forex market.
“The bulk of the securities currently exchanged through the SITME system are dollar denominated bonds issued by Venezuela's oil company and the government. The Central Bank holds the securities and sells them to Authorized Financial Institutions at a price that reflects the SITME exchange rate of 5.3 VEF/US$. Individuals and companies that wish to access dollars need to place specific orders with their banks. Then the banks, on behalf of their clients, buy the dollar denominated bonds from the Central Bank with Venezuelan Bolivares. When US dollars are required, the client instructs their bank to sell these bonds out in the international market, thus generating the US dollars that the client needs. The dollars are then transferred to the client's bank account for a commission.”- EDC Economics reports.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
VEF 68 42 200 532 359 825
USD 20 52 089 971 000
corporate
USD 18 35 971 768 600
VEF 12 88 595 135 033
CHF 11 2 500 000 000
EUR 9 4 686 100 000
HKD 6 4 935 000 000
AUD 5 1 065 000 000
COP 2 221 750 000 000
NOK 2 2 400 000 000
ZAR 1 590 000 000
INR 1 2 138 000 000
TRY 1 192 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Venezuela, DPN 9.25 14dec2028 - Domestic bonds 9.25% 5 500 000 000 000  VEF 07/20/2018 12/14/2028
Venezuela, DPN 9.5 27dec2029 - Domestic bonds 9.5% 11 631 826 000 000  VEF 07/18/2018 12/27/2029
Venezuela, DPN FRN 04jan2029 - Domestic bonds VLET91 +4.07 24 301 823 000 000  VEF 07/18/2018 01/04/2029
Venezuela, DPN 8.25 01nov2029 - Domestic bonds 8.25% 75 000 000 000  VEF 06/27/2018 11/01/2029
Venezuela, DPN 8.23 13sep2029 - Domestic bonds 8.23% 74 998 000 000  VEF 06/27/2018 09/13/2029
Venezuela, DPN 14 11may2034 - Domestic bonds 8% 70 000 000 000  VEF 06/20/2018 08/10/2028
Venezuela, DPN 8.07 25may2028 - Domestic bonds VEBONO052028 8.07% 70 000 000 000  VEF 06/20/2018 05/25/2028
Corporacion Andina de Fomento (CAF), 0.75% 13jun2023, EUR - International bonds XS1837142790 0.75% 500 000 000  EUR 06/06/2018 06/13/2023
Corporacion Andina de Fomento (CAF), 0.3% 7apr2025, CHF - International bonds CH0360172727 0.3% 275 000 000  CHF 04/23/2018 04/07/2025
Corporacion Andina de Fomento (CAF), FRN 6apr2021, USD - International bonds XS1803099347 3M LIBOR USD + 0.3% 50 000 000  USD 03/28/2018 04/06/2021

World Bond market statistics

Quarterly indices

Type I 2018 IV 2017 III 2017 II 2017 I 2017 IV 2016 III 2016
BIS volume of international-bond market of emerging countries
Venezuelan international bonds, USD bln 47.100 47.100 50.100 50.100 53.100 53.100 48.100
BIS net issues of international-bond market of emerging countries
International-bond net issue of Venezuela, USD bln 0.000 -3.000 0.000 -3.000   4.900  

New issues of Emerging markets International Bonds

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Emerging Markets International Bonds (Latin America)
New issues of Venezuela international bonds, USD bln 0.000 0.589 0.000 0.118 0.118 0.050 1.239
Number of Venezuela new international bond issues 0 1 0 1 1 1 1
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Yearly indices

Type 2017 2016 2015 2014
Annual new International Bonds issues (Latin America)
Annual new issues of Venezuela sovereign international bonds, USD bln 0.000 5.000 0.000 0.000
Annual new issues of Venezuela corporate international bonds, USD bln 3.633 6.913 2.465 11.979
Annual new issues of Venezuela corporate international bonds, (financial sector) USD bln 3.633 3.545 2.465 3.414
Annual new issues of Venezuela corporate international bonds, (non-financial sector) USD bln 0.000 3.368 0.000 8.565

Emerging Markets International Bonds

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Latin American International Bonds Markets
Venezuela international bonds, USD bln 81.978 81.880 81.345 81.504 81.542 82.094 82.821
Venezuela corporate international bonds, USD bln 44.791 44.693 44.158 44.317 44.355 44.907 45.634
Venezuela sovereign international bonds, USD bln 37.187 37.187 37.187 37.187 37.187 37.187 37.187
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Currencies

Daily indices

Type: 08/15/2018 08/14/2018 08/13/2018 08/10/2018 08/09/2018 08/08/2018 08/07/2018
Exchange Rates (Emerging Markets)
USD/VEF 248 520.9600 248 520.9600 248 520.9600 207 100.8000 207 100.8000 207 100.8000 207 100.8000
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Credit Risk Indicators

Daily indices

Type: 12/11/2017 12/08/2017 12/07/2017 12/06/2017 12/05/2017 12/04/2017 12/01/2017
CDS Venezuela (Interactive Data)
CDS 6M Venezuela 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 23 810.9100
CDS 1Y Venezuela             20 146.9000
CDS 2Y Venezuela             16 156.0100
CDS 3Y Venezuela             14 007.1900
CDS 4Y Venezuela             12 674.6400
CDS 5Y Venezuela             11 666.8200
CDS 7Y Venezuela 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 10 245.5100
CDS 10Y Venezuela 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 8 936.3900
CDS 15Y Venezuela 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 7 765.7200
CDS 20Y Venezuela 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 7 159.5000
CDS 30Y Venezuela 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 6 602.8100
Default Probability Venezuela (Interactive Data)
6M Default Probability Venezuela             80.3300
1Y Default Probability Venezuela             87.5600
2Y Default Probability Venezuela             91.0600
3Y Default Probability Venezuela             92.6100
4Y Default Probability Venezuela             93.8400
5Y Default Probability Venezuela             94.2900
7Y Default Probability Venezuela             94.9600
10Y Default Probability Venezuela             95.7600
15Y Default Probability Venezuela             96.8100
20Y Default Probability Venezuela             97.6000
30Y Default Probability Venezuela             98.6400
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Macroeconomic Indicators (World economy)

Monthly indices

Type Jul 2018 Jun 2018 May 2018 Apr 2018 Apr 2018 Mar 2018 Feb 2018
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Venezuela) 82 766.00 46 305.00 24 571.00 13 379.00 13 379.00 8 900.00 6 147.00
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Yearly indices

Type 2017 2016 2013 2012
Government Debt to GDP (World), %
Government Debt to GDP(Venezuela) 23.00 28.20 49.80 45.90

JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Venezuela * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Venezuela, 11.750% 21oct2026, USD   USD 10/21/2026 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Venezuela, 11.950% 5aug2031, USD   USD 08/05/2031 05/18/2016 **.* **.** 05/18/2016 **.* **.**
Venezuela, 12.750% 23aug2022, USD   USD 08/23/2022 05/18/2016 **.* **.** 05/18/2016 **.* **.**
Venezuela, 13.625% 15aug2018, USD   USD 08/15/2018 05/18/2016 **.** **.* 05/18/2016 **.** **.**
Venezuela, 13.625% 15aug2018, USD   USD 08/15/2018 05/18/2016 **.* **.** 05/18/2016 **.* **.**
Venezuela, 6.0% 9dec2020, USD   USD 12/09/2020 05/18/2016 **.** **.** 05/18/2016 **.** **.*
Venezuela, 7% 31mar2038, USD   USD 03/31/2038 05/18/2016 **.* **.** 05/18/2016 **.* **.*
Venezuela, 7.0% 1dec2018, USD   USD 12/01/2018 05/18/2016 **.*** **.** 05/18/2016 **.** **.**
Venezuela, 7.0% 31mar2038, USD   USD 03/31/2038 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Venezuela, 7.650% 21apr2025, USD   USD 04/21/2025 05/18/2016 **.** **.** 05/18/2016 **.** **
Venezuela, 7.750% 13oct2019, USD   USD 10/13/2019 05/18/2016 **.*** **.** 05/18/2016 **.* **.**
Venezuela, 8.250% 13oct2024, USD   USD 10/13/2024 05/18/2016 **.*** **.** 05/18/2016 **.** **.**
Venezuela, 9.0% 7may2023, USD   USD 05/07/2023 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Venezuela, 9.250% 15sep2027, USD   USD 09/15/2027 05/18/2016 **.** **.* 05/18/2016 **.** **.**
Venezuela, 9.250% 7may2028, USD   USD 05/07/2028 05/18/2016 **.* **.** 05/18/2016 **.** **.*
Venezuela, 9.375% 13jan2034, USD   USD 01/13/2034 05/18/2016 ** **.** 05/18/2016 **.* **.*
Corporacion Andina de Fomento (CAF), 0.15% 24feb2022, CHF   CHF 02/24/2022 05/18/2016 ***.* *.** 05/18/2016 ***.* -*.**
Corporacion Andina de Fomento (CAF), 0.304% 16sep2024, CHF   CHF 09/16/2024 05/18/2016 ***.** *.** 05/18/2016 ***.* *.*
Corporacion Andina de Fomento (CAF), 0.45% 7sep2023, CHF   CHF 09/07/2023 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Corporacion Andina de Fomento (CAF), 0.5% 26feb2026, CHF   CHF 02/26/2026 05/18/2016 ***.* *.* 05/18/2016 ***.* *.**
Corporacion Andina de Fomento (CAF), 0.51% 16sep2026, CHF   CHF 09/16/2026 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Corporacion Andina de Fomento (CAF), 1% 10nov2020, EUR   EUR 11/10/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Corporacion Andina de Fomento (CAF), 1.375% 11feb2021, CHF   CHF 02/11/2021 05/18/2016 *** -*.* 05/18/2016 ***.* -*.**
Corporacion Andina de Fomento (CAF), 1.5% 11sep2018, CHF   CHF 09/11/2018 05/18/2016 ***.** -*.** 05/18/2016 ***.* -*.**
Corporacion Andina de Fomento (CAF), 1.5% 13aug2020, CHF   CHF 08/13/2020 05/18/2016 *** -*.** 05/18/2016 ***.* -*.**
Corporacion Andina de Fomento (CAF), 1.5% 1dec2028, CHF   CHF 12/01/2028 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Corporacion Andina de Fomento (CAF), 1.5% 8aug2017, USD   USD 08/08/2017 05/18/2016 ***.* *.** 05/18/2016 ***.** *.*
Corporacion Andina de Fomento (CAF), 1.875% 29may2021, EUR   EUR 05/29/2021 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Corporacion Andina de Fomento (CAF), 2% 5feb2024, CHF   CHF 02/05/2024 05/18/2016 *** *.** 05/18/2016 ***.* *.*
Corporacion Andina de Fomento (CAF), 2.750% 3feb2017, CHF   CHF 02/03/2017 05/18/2016 ***.** -*.* 05/18/2016 ***.** -*.**
Corporacion Andina de Fomento (CAF), 3.31% 12dec2028, EUR   EUR 12/12/2028 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.*
Corporacion Andina de Fomento (CAF), 4.07% 20feb2024, NOK   NOK 02/20/2024 05/18/2016 ***.**** * 05/18/2016 ***.**** *
Corporacion Andina de Fomento (CAF), 4.25% 1sep2016, AUD   AUD 09/01/2016 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Corporacion Andina de Fomento (CAF), 4.29% 6feb2026, NOK   NOK 02/06/2026 05/18/2016 ***.** *.** 05/18/2016 ***.** *.*
Corporacion Andina de Fomento (CAF), 4.375% 15jun2022, USD   USD 06/15/2022 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Corporacion Andina de Fomento (CAF), 4.5% 5jun2025, AUD   AUD 06/05/2025 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Corporacion Andina de Fomento (CAF), 4.625% 29mar2018, EUR   EUR 03/29/2018 05/18/2016 ***.* *.** 05/18/2016 ***.** -*.*
Corporacion Andina de Fomento (CAF), 6.25% 8nov2023, AUD   AUD 11/08/2023 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Elecar, 8.50% 10apr2018, USD   USD 04/10/2018 05/18/2016 **.* **.** 05/18/2016 **.** **.**
PDVSA, 12.750% 17feb2022, USD   USD 02/17/2022 05/18/2016 **.** **.** 05/18/2016 **.* **
PDVSA, 5.125% 28oct2016, USD   USD 10/28/2016 05/18/2016 ** **.** 05/18/2016 **.** **.**
PDVSA, 5.250% 12apr2017, USD   USD 04/12/2017 05/18/2016 **.** **.** 05/18/2016 **.** **.**
PDVSA, 5.375% 12apr2027, USD   USD 04/12/2027 05/18/2016 **.** **.** 05/18/2016 **.* **
PDVSA, 5.50% 12apr2037, USD   USD 04/12/2037 05/18/2016 **.* **.** 05/18/2016 **.* **.**
PDVSA, 6% 15nov2026, USD   USD 11/15/2026 05/18/2016 **.** **.** 05/18/2016 **.** **.**
PDVSA, 6% 16may2024, USD   USD 05/16/2024 05/18/2016 **.*** **.** 05/18/2016 **.* **.**
PDVSA, 8.50% 2nov2017, USD   USD 11/02/2017 05/18/2016 **.*** **.** 05/18/2016 **.*** **.**
PDVSA, 9.0% 17nov2021, USD   USD 11/17/2021 05/18/2016 **.* **.** 05/18/2016 **.** **.**
PDVSA, 9.750% 17may2035, USD   USD 05/17/2035 05/18/2016 ** **.** 05/18/2016 **.** **.**
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200 000
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countries
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200 000
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countries
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+7 812 336 97 21
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