Venezuela and Argentina pull $1.5 billion local-currency add on to Bono del Sur

By Aaron Hochman-Zimmerman

New York, Aug. 17 - Venezuela and Argentina announced the postponement of a $1.5 billion local-currency add on to their joint venture Bono del Sur, according to a press release.

The Venezuelan Ministry of Finance cited extreme market volatility as the reason for the withdrawal.

The bonds would have been the second addition to the Bono del Sur.

The Central Bank of Venezuela was mandated to bring the three tranches, each worth $500 million of the offering nation's local currency.

Venezuela offered 6¼% notes due March 21, 2019 and 5¼% notes due April 6, 2017.

Argentina offered 7% bonds due Oct. 3, 2015.

The three tranches were only intended for local investors and would have traded independently of each other.

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