Venezuela Sells Bonds

Venezuela sold $1.6 billion of 20 year dollar-denominated bonds to domestic investors last week. President Hugo Chavez is tapping domestic banks and other investors who have excess cash because of two-year-old restrictions on dollar purchases in Venezuela. The government has sold $4.5 billion of 15-year, seven-year and six-month dollar bonds to local investors over the past two years, the first ever such sales in the domestic market.