Venezuelan state-owned oil frm PdV has launched a long-awaited voluntary bond swap plan, averting the risk of a default on its debt for now. PdV wants to exchange two bonds maturing in 2017 with a combined $7.1bn of principal outstanding for a new 2020 bond of the same issue size with a coupon rate of 8.5pc/yr. Principal payments will be made yearly in four equal instalments due on the day of the settlement date of the new bond.
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