Venezuela announces second buyback of bolivar bonds

New York, March 25 - The Bolivarian Republic of Venezuela announced a second buyback of public debt.

Venezuela will accept offers to sell bolivar-denominated bonds maturing in 2004 and 2005. Bids will be accepted between 9 a.m. and 1 p.m. local time on March 30.

Funding for the repurchase will come from Venezuela's offering of dual-currency bonds.

Settlement is scheduled for April 1.

Finance minister Tobias Nobrega said in a news release that the financial markets are recognizing the continuation in the improvement of Venezuela's credit. The Venezuelan component of JP Morgan's EMBI Global index has improved 100 basis points since the beginning of March, when the country announced its first offering of dual-currency bonds, Nobrega said.

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