Sources: Pdvsa bonds sale is aimed at state-run banks
A source close to the negotiation said that most of the bonds will be sold to the Central Bank of Venezuela. The papers are expected to have a coupon of 9 percent, with maturity in 2032
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An imminent issue of USD 3 billion in bonds by state-run oil company Petróleos de Venezuela (Pdvsa) will be mainly sold to state-run banks, sources with knowledge of the operation said on Thursday.
The long-anticipated issue, the first of 2012, might mark the beginning of further borrowing expected by the market in an election year in which President Hugo Chávez will boost public spending to seek re-election in October.
A source close to the operation told Reuters that the Pdvsa issue was primarily intended for the Central Bank of Venezuela to supply its Transaction System for Foreign-Currency Denominated Securities (Sitme) exchange system.
"It will be a private issue between Pdvsa and the central bank. We are waiting for the announcement. The characteristics of the bonds will be the same," said Asdrúbal Oliveros, an economist and director of economic research firm Ecoanalítica.
The papers are expected to have a coupon of 9 percent, with maturity in 2032.
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