-PDVSA emitirá $1.5 mil millones en bonos para pagar deuda con el Banco Central.
-Sería en el transcurso del próximo mes, y el bono a emitir seria el PDV22 (reapertura).
-El Banco Central utilizará los bonos para alimentar el Sitme.
-PDVSA y la República muy probablemente emitirán más bonos en la segunda mitad del año.
-Perla: "El gobierno y el banco central han estado recomprando deuda en el mercado secundario". Por qué? Para qué? Para alimentar el Sitme? Para elevar los precios de la deuda venezolana antes de volver a emitir? Bajo qué criterio recompras deuda y al mismo tiempo emites deuda nueva?
RAM
PDVSA to Issue $1.5 Billion of Bonds to Pay Central Bank (1)
2011-06-23 16:03:34.811 GMT
(Adds analyst’s comment in fourth paragraph.)
By Corina Rodriguez Pons and Daniel Cancel
June 23 (Bloomberg) -- Petroleos de Venezuela SA will sell $1.5 billion of bonds to the central bank to repay a loan and will likely sell additional securities in the second half of the
year.
PDVSA, as the state oil company is known, within a month plans to issue more of its bonds due in 2022 that were first
sold in February, a government official, who asked not to be
identified because he isn’t authorized to speak publicly on the matter, told reporters.
PDVSA has raised $4.75 billion since August by selling more
of its bonds due in 2014 and 2017 in private placements, mostly to repay loans to the central bank. The central bank sells the securities through its currency market known as Sitme to importers at an exchange rate of 5.3 bolivars per dollar.
“The market has been expecting new issuance, but this way of putting a bond out on top of an existing issue, and in a
steady drip, since it will likely come through Sitme, puts a cap
on the price appreciation of that issue,” said Russell Dallen, the head bond trader at Caracas Capital Markets at BBO Financial
Services Inc. in Miami.
The yield on the 12.75 percent bonds due in 2022 rose 32
basis points, or 0.32 percentage point, to 17.33 percent at
11:40 a.m. in New York, according to prices compiled by Bloomberg. The bond’s price fell 1.28 cents on the dollar to 78.08 cents.
Venezuela’s government and the central bank have been buying back bonds in the secondary market, the official said.
The government and PDVSA will likely issue new bonds later this
year, he said.
For Related News and Information:
Venezuela economic snapshot: ESNP VZ
Venezuela government bonds: VENZ DES
Venezuelan economy: TNI VENZ ECO BN
Venezuela international reserves: VNRS GP
Venezuelan annual inflation: VNVPIYOY HCP
Venezuelan annual growth graph: VNGGYOY GP
Stories on the Venezuelan bolivar: VEF CN BN
Petroleos de Venezuela assets: PDVSA VC GCAS
--Editors: Brendan Walsh, Richard Richtmyer
-Sería en el transcurso del próximo mes, y el bono a emitir seria el PDV22 (reapertura).
-El Banco Central utilizará los bonos para alimentar el Sitme.
-PDVSA y la República muy probablemente emitirán más bonos en la segunda mitad del año.
-Perla: "El gobierno y el banco central han estado recomprando deuda en el mercado secundario". Por qué? Para qué? Para alimentar el Sitme? Para elevar los precios de la deuda venezolana antes de volver a emitir? Bajo qué criterio recompras deuda y al mismo tiempo emites deuda nueva?
RAM
PDVSA to Issue $1.5 Billion of Bonds to Pay Central Bank (1)
2011-06-23 16:03:34.811 GMT
(Adds analyst’s comment in fourth paragraph.)
By Corina Rodriguez Pons and Daniel Cancel
June 23 (Bloomberg) -- Petroleos de Venezuela SA will sell $1.5 billion of bonds to the central bank to repay a loan and will likely sell additional securities in the second half of the
year.
PDVSA, as the state oil company is known, within a month plans to issue more of its bonds due in 2022 that were first
sold in February, a government official, who asked not to be
identified because he isn’t authorized to speak publicly on the matter, told reporters.
PDVSA has raised $4.75 billion since August by selling more
of its bonds due in 2014 and 2017 in private placements, mostly to repay loans to the central bank. The central bank sells the securities through its currency market known as Sitme to importers at an exchange rate of 5.3 bolivars per dollar.
“The market has been expecting new issuance, but this way of putting a bond out on top of an existing issue, and in a
steady drip, since it will likely come through Sitme, puts a cap
on the price appreciation of that issue,” said Russell Dallen, the head bond trader at Caracas Capital Markets at BBO Financial
Services Inc. in Miami.
The yield on the 12.75 percent bonds due in 2022 rose 32
basis points, or 0.32 percentage point, to 17.33 percent at
11:40 a.m. in New York, according to prices compiled by Bloomberg. The bond’s price fell 1.28 cents on the dollar to 78.08 cents.
Venezuela’s government and the central bank have been buying back bonds in the secondary market, the official said.
The government and PDVSA will likely issue new bonds later this
year, he said.
For Related News and Information:
Venezuela economic snapshot: ESNP VZ
Venezuela government bonds: VENZ
Venezuelan economy: TNI VENZ ECO BN
Venezuela international reserves: VNRS
Venezuelan annual inflation: VNVPIYOY
Venezuelan annual growth graph: VNGGYOY
Stories on the Venezuelan bolivar: VEF
Petroleos de Venezuela assets: PDVSA VC
--Editors: Brendan Walsh, Richard Richtmyer
