New York, April 16 - The Bolivarian Republic of Venezuela priced its $1 billion offering of seven-year floating-rate notes at 109. The securities carry a coupon of Libor plus 100 basis points.
The 109 level at which the notes came to market is the same as the price at which non-competitive bids were accepted.
Venezuela said it received 18,569 bids totaling $1.989 billion. Small- and medium-sized investors bidding for $10,000 or less made up 44% of demand. Bids less than $100,000 were 87% of the total.
Of the bids, 18,447 totaling $1.929 billion were non-competitive.
Venezuela said the figures indicate that the offering was successful in "stimulating the participation of the general public" and helping the "development of a Venezuelan financial culture."
Orders of $100,000 or less were filled in full. Orders between $101,000 and $500,000 were filled at an 87.2% rate. Higher orders received nothing.
Venezuela said the bond deal completes its planned financing for fiscal 2004. But it added that it continues to look for ways to improve the maturity profile of its borrowings.
| Issuer: | Bolivarian Republic of Venezuela
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| Issue: | Sovereign bonds
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| Amount: | $1 billion
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| Maturity: | April 20, 2011
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| Coupon: | Libor plus 100 bps
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| Price: | 109.00
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| Pricing date: | April 16
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| Settlement date: | April 22
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| Agents: | Dresdner Kleinwort Wasserstein, UBS Investment Bank
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| Distribution: | Regulation S
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