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International bonds: Venezuela, 7% 1dec2018, USD
USP97475AD26

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Issue information

Profile
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 ...
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.
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  • Borrower
    Go to the issuer page
    Venezuela
  • Full borrower / issuer name
    Bolivarian Republic of Venezuela
  • Sector
    sovereign
Volume
  • Placement amount
    1,000,000,000 USD
  • Outstanding amount
    1,000,000,000 USD
Nominal
  • Minimum Settlement Amount
    100,000 USD
  • Outstanding face value
    *** USD
  • Par amount, integral multiple
    *** USD
  • Nominal
    1,000 USD

Cash flow parameters

  • Reference rate
    ***
  • Coupon Rate
    ***
  • Day count fraction
    ***
  • Interest Accrual Date
    ***
  • Coupon frequency
    *** time(s) per year
  • Payment currency
    ***
  • Delay days
    *** days
  • Maturity date
    ***
  • Early redemption date
    ***

Cash flow

Calculations for international bonds are made according to the minimum trading lot

Early redemption terms

***

Debt Servicing

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to order full access
DATA PLATFORM FOR FINANCIAL MARKET PROFESSIONALS AND INVESTORS
  • High performance interface for global bond market screening
  • Full information on close to 500,000 bonds from 180 countries
  • 100% coverage of Eurobonds worldwide
  • Over 300 primary sources of prices
  • Ratings data from all international and local ratings agencies
  • Stock market data from 100 world trading floors
  • Intuitive, high speed user interface
  • Data access via the website, mobile application and add-in for Microsoft Excel

Placement

  • Placement method
    Open subscription
  • Placement type
    Public
  • Order book
    *** (***) - *** (***)
  • Coupon (Yield) Guidance
    ***% - ***% (*** - ***%)
  • Issuer rating on issue date (M/S&P/F)
    *** / - / ***
  • Placement
    *** - ***
  • Initial issue price (yield)
    (***%)
  • Bids
    *** USD
  • Number of bids
    ***
  • Geographic breakdown
    ***
  • Investor breakdown
    ***
  • Listing
    ***
Participants
  • Arranger Legal Adviser (International law)
    ***
  • Issuer Legal Adviser (International law)
    ***
  • Paying agent
    ***

Conversion and exchange

  • Convertion date
    ***
  • Initial premium
    ***%
  • Convertible until
    ***
  • Lock-up
    *** days
  • Conversion terms
    ***

Covenants

Additional information

***

Latest issues

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News

21/09/2020 Venezuela's government makes an offer to bondholders before the expiration
15/08/2019 Moody's Investors Service withdrew LT- local currency credit rating for Venezuela
15/08/2019 Moody's Investors Service withdrew LT- foreign currency credit rating for Venezuela
28/06/2019 Fitch Ratings withdrew LT Int. Scale (local curr.) credit rating for Venezuela
28/06/2019 Fitch Ratings withdrew LT Int. Scale (foreign curr.) credit rating for Venezuela
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Identifiers

  • Registration
    ***
  • Date of program registration
    ***
  • ISIN
    ***
  • CUSIP
    ***
  • CUSIP 144A
    ***
  • Common Code
    018150883
  • CFI
    DBFUFR
  • FIGI
    BBG00003H5Z4
  • WKN
    818240
  • SEDOL
    7733309
  • Ticker
    VENZ 7 12/01/18
  • Type of security by CBR
    ***
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Ratings



Bond classification

  • Registered
  • Coupon bonds
  • Amortization
  • Callable
  • CDO
  • Convertible
  • Dual currency bonds
  • Floating rate
  • For qualified investors (CIS region)
  • Foreign bonds
  • Green bonds
  • Indexed
  • Supranational bond issues
  • Mortgage bonds
  • Perpetual
  • Payment-in-kind
  • Non-Marketable Securities
  • Redemption Linked
  • Restructuring
  • Retail bonds
  • Covered
  • Securitization
  • Structured product
  • Subordinated
  • Sukuk
  • Trace-eligible
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Restructuring

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***

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