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 63 465 001 613 202
USD 27 42 356 951 575
corporate
USD 19 45 396 768 600
VEF 13 91 395 135 033
CHF 11 2 385 000 000
EUR 8 3 836 100 000
AUD 5 890 000 000
HKD 4 2 995 000 000
NOK 2 2 400 000 000
COP 2 221 750 000 000
ZAR 1 590 000 000
INR 1 2 138 000 000
PEN 1 248 400 000
TRY 1 192 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** 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.) ***
Rating Agency RAEX (Expert RA) *** Foriegn curr. scale ***
Rating Agency RAEX (Expert RA) *** Local curr. scale ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Corporacion Andina de Fomento (CAF), 0.3% 7apr2025, CHF - International bonds CH0360172727 0.3% 160 000 000  CHF 03/16/2017 04/07/2025
Corporacion Andina de Fomento (CAF), 4.5% 14sep2027, AUD - International bonds AU3CB0243194 4.5% 175 000 000  AUD 03/06/2017 09/14/2027
Corporacion Andina de Fomento (CAF), 5.88% 17mar2022, INR - International bonds XS1570385671 5.88% 2 138 000 000  INR 02/24/2017 03/17/2022
Corporacion Andina de Fomento (CAF), 0.5% 25jan2022, EUR - International bonds XS1555575320 0.5% 800 000 000  EUR 02/01/2017 01/25/2022
Venezuela, 6.5% 29dec2036, USD - International bonds USP97475AQ39 6.5% 5 000 000 000  USD 12/29/2016 12/29/2036
Venezuela, DPN 14.03 23feb2034 - Domestic bonds 14.03% 7 000 000 000  VEF 12/23/2016 02/23/2034
Venezuela, DPN 14 11may2034 - Domestic bonds 14% 7 000 000 000  VEF 12/23/2016 05/11/2034
Corporacion Andina de Fomento (CAF), 2.125% 27sep2021, USD - International bonds US219868BX31 2.125% 1 000 000 000  USD 09/20/2016 09/27/2021
PDVSA, 8.5% 27oct2020, USD - International bonds USP7807HAV70 8.5% 3 367 529 000  USD 09/16/2016 10/27/2020
Venezuela, DPN 14.5 3mar2033 - Domestic bonds 14.5% 20 000 000 000  VEF 08/10/2016 03/03/2033

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Venezuelan international bonds, USD bln 53.100 48.100 48.100 50.500 52.000 53.300 53.300
BIS net issues of international-bond market of emerging countries
International-bond net issue of Venezuela, USD bln 4.900     -1.500 -1.300 0.000 0.000

Emerging Markets International Bonds

Monthly indices

Type Feb 2017 Jan 2017 Dec 2016 Nov 2016 Oct 2016 Sep 2016 Aug 2016
Latin American Markets International Bonds
Venezuela’s international bonds, USD bln 88.419 88.588 88.143 82.267 82.144 80.828 79.977
Venezuela’s corporate international bonds, USD bln 50.979 51.148 50.702 50.098 50.159 48.843 47.992
Venezuela’s sovereign international bonds, USD bln 37.440 37.440 37.440 32.169 31.985 31.985 31.985
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Currencies

Daily indices

Type: 03/24/2017 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017
Exchange Rates (Emerging Markets)
USD/VEF 9.9851 9.9850 9.9850 9.9901 9.9872 9.9850 9.9900
EUR/VEF 10.7945 10.7684 10.7784 10.7970 10.7137 10.7253 10.7330
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Credit Risk Indicators

Daily indices

Type: 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017
CDS Interactive Data 
CDS 6M Venezuela * * * * * * *
CDS 1Y Venezuela * * * * * * *
CDS 2Y Venezuela * * * * * * *
CDS 3Y Venezuela * * * * * * *
CDS 4Y Venezuela * * * * * * *
CDS 5Y Venezuela * * * * * * *
CDS 7Y Venezuela * * * * * * *
CDS 10Y Venezuela * * * * * * *
CDS 15Y Venezuela * * * * * * *
CDS 20Y Venezuela * * * * * * *
CDS 30Y Venezuela * * * * * * *
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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), 1.5% 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), 4.625% 29mar2018, EUR   EUR 03/29/2018 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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