Vene Adds $1bn to USD Bond Sale

Venezuela has sold $4bn in dollar bonds to domestic investors, up from a planned $3bn after getting $9.29bn in orders. The sovereign added $500m each to the 9.00% of 2023 and 9.25% of 2028 tranches, which priced last week at 115% of face value. The government sold dollar-denominated assets to locals as part of its continuing effort to meet demand for foreign currency and strengthen the VEB in the black market. Only Venezuelan individuals or entities could participate in the sale, aimed mainly at companies in the food, medicine and capital goods sectors. Despite hefty oversubscription, the government said it filled 100% of the minimum orders – $4,000 for companies and $500 for individuals – while allocating partial amounts for larger orders. Barclays and Deutsche Bank managed the sale.