Venezuela and United States

FinMin, Pdvsa Study Reduced Bond Issue

Bnamericas Published: Friday, February 26, 1999
Venezuela's Finance Ministry and state oil company Pdvsa are studying a reduced bond issue of less than US$1bn, together with other financing options, after a mission responsible for the negotiation returned from the US this week. Proceeds of the transaction would help address Pdvsa's cash flow problems this year as a result of the slump in oil prices and the state company's fiscal obligations to the state. Conditions are complicated for the issue of Venezuelan bonds in US markets due to an inflation alert announced Tuesday by Alan Greenspan, president of the US Federal Reserve, according to Walyter Molano, emerging market analyst with CBS Securities.

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