PDSVA to Offer New Bonds, Swap

PDVSA says it will sell $3bn of 2017 bonds in the local market, with further details about the offer due October 18. As with previous government offerings, investors will be allowed to buy the dollar-denominated bonds with VEB. The offer is directed at individuals and businesses with the “sector productivo nacional” designation. The state-backed oil company also plans to offer holders of its 2011 bonds an opportunity to exchange them for 2013 bonds, with further details to be announced in coming days. PDVSA does not name banks, through Citi is rumored to be on the transaction.