Venezuela to sell minimum $1 billion 20-year bonds at par with 7.65% coupon

By Reshmi Basu

New York, April 6 - The Bolivarian Republic of Venezuela plans to sell at least $1 billion of 20-year eurobonds (B2/B/B+) at par with a 7.65% coupon, according to a market source.

The issue is being targeted toward local investors.

The eurobonds come in at the tight end of initial yield guidance of 7.65% to 8.10% and the high end of price guidance of 95 to 100.

The bonds will be sold in bolivars at an exchange rate of 2,150 per dollar.

Citigroup and JP Morgan are the bookrunners for the Regulation S deal.

In early March, Venezuela priced €1 billion 10-year bonds (B2/B/B+) at 99.301 to yield 7.10%.

Deutsche Bank Securities and UBS Investment Bank managed the sale.

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