Vene’s Banesco Seeks Capital in Local Market

Venezuelan retail banking giant Banesco has launched a public offer of 1.25bn in preferred stocks to the local market, offering a fixed 19.5% dividend rate for the first year. The retail deal, available through April 10, values each stock at VEB0.10, with a minimum purchase of VEB100 and a 3-year lock up period. The total value of the offering is $26.8m, approximately, calculated at the official VEB2.15 rate against the dollar. Although Banesco is offering the shares for sale at its retail locations, local operators Multiplicas and Econinvest are also acting as placement agents.