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Venezuelan gov't ownership of bonds estimated at USD 18.3bn

Local holdings thus account for 27.7% of all the country’s outstanding issued bonds.

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23 de mayo de 2017 07:56 AM

Actualizado el 23 de mayo de 2017 08:06 AM

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Of these, USD 8bn correspond to the recent Venezuela 6.5% 2036 issuance and the PDVSA 6% 2022 bond.

Local holdings of bonds issued by the Venezuelan government and state-owned enterprises  amount to USD 18.3bn face value of bonds, with an estimated market value of USD 8.8bn, reported financial consulting firm Torino Capital.

“Of these, $8bn correspond to the recent Venezuela 6.5% 2036 issuance and the PDVSA 6% 2022 bond, which are still completely held by state-owned institutions, and the remaining $10.3bn correspond to a more diversified portfolio of mainly sovereign bonds,” the think tank breaks down in its weekly report entitled “Where are the bonds?”

“Local holdings thus account for 27.7% of all the country’s outstanding issued bonds,” the experts spelled out.

Furthermore, they estimate that of the outstanding USD 66.3bn held in bonds issued by the Venezuelan government and its entities, USD 18.3bn (27.7%) were in the hands of local entities while the remaining USD 47.9bn (72.3%) went to foreign entities.

“Our method does not allow us to distinguish which of these holdings are directly under the control of government entities and which are owned by onshore private sector institutions such as banks and insurance companies.”

“Nevertheless, our bottom line is that the government still holds control over approximately $9bn market value of bonds that it can use to cover its external financing needs over the course of the next few years,” experts found.

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