Venezuela will raise $3 billion in a sale of bonds in the local market as the country seeks to finance spending and meet investor demand for foreign currency, Bloomberg reports. The government will sell the 11.75 percent bonds scheduled to mature in 2026 to local investors.
Credit Suisse Group and Evrofinance Mosnarbank have been appointed to manage the deal. The transaction will bring the total issuance between Venezuela and state oil company Petroleos de Venezuela to approximately $15.2 billion in 2011.
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