Venezuela, Argentina Sell $1 Billion “Bono Sur”

Venezuela announced Monday that it had sold $1 billion of its “Bono Sur”, jointly issued with Argentina, in the face of bids totaling $9 billion. The bond, which was sold in Venezuela, and which could be bought in local currency via banks, comprised debt from both countries: $500 million of Venezuelan TICCs (título de interés y capital cubierto) maturing in 2017; $300 million of Argentina’s dollar-denominated Boden 2012 and $200 million of Boden 2015. Once bought, the bonds can be traded separately in the secondary market.