CARACAS, (Reuters) – Venezuela’s state-run oil company, PDVSA, will soon issue a $2 billion bond, President Hugo Chavez said yesterday, just days after the OPEC nation sold $3 billion of sovereign paper on international markets.
“PDVSA will soon emit $2 billion in bonds for public sector debt,” Chavez said in a televised speech, without giving more details.
Venezuela is among the only nations that frequently issue debt for foreign-exchange purposes.
Buyers could purchase the recent 2022 bond in bolivars, the Venezuelan currency, then resell it for dollars. The greenback is in increasingly short supply for those unable to access government-allocated dollars under strict capital controls imposed in 2003 by Chavez.
