The latest issue of Venezuelan debt bonds raised USD 1.65 in Venezuelan bolivars and US dollars, according the director of public credit, Luis Dávila.

While the issue was scheduled at USD 1.5 billion, the sum was increased "to meet high demand."

"This is not about an additional indebtedness, but we are replacing old debt with new debt," Dávila said in a statement, without answering any questions.

Last Tuesday, the Ministry of Finance issued a list of errata advising investors about the changes to the interest rate payable to Venezuelan bolivar-denominated bonds sold recently together with US dollar-denominated bonds.

The list of errata explained that Vebonos maturing in 2014 bear an interest rate of 11.54 percent rather than 11.98 percent. The communiqué added that Vebonos maturing in 2015 bear an interest rate of 9.70 percent, rather than 11.54 percent.

But the list of errata was also wrong. In fact, Vebonos bear a quarterly interest rate calculated based on the average yield of the Treasury titles in the three weeks prior to payment.

What the Ministry of Finance intended to explain was that such average was miscalculated and that the interest rate for the first payment was corrected accordingly.