Venezuela Sets Price for $3bn in Bonds

Venezuela set a price of 115% of face value for its $3bn dollar-denominated 2023 and 2028 bond issue. The sovereign is offering $1.5bn in 9.0% of 2023 and $1.5bn in 9.25% 2028 notes in a sale mainly directed at companies in the food, medicine and manufacturing sectors. Only Venezuelan individuals or entities may buy the bonds, but international investors will be able to purchase in the secondary. The sale is designed to feed local demand for dollars while curbing their value on the black market. Books are set to close tomorrow. Barclays and Deutsche Bank are managing the sale.