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CARACAS, Venezuela — Venezuela plans to sell $3 billion of dollar-denominated bonds that come due in 2022 and pay an interest rate of 12.75 percent, President Hugo Chavez’s government announced Monday.
The finance ministry said Credit Suisse Group AG and Deutsche Bank AG will manage the offering.
Half of the bonds will be offered to private companies seeking foreign currency through Venezuela’s currency exchange office, known as Cadivi, while the remaining bonds will be sold to individual investors and smaller companies, a ministry statement said.
The bond market for years has been an important source for Venezuelan businesses to obtain dollars to pay for imports because the government maintains currency-exchange controls and makes available a limited amount of dollars at official rates.
The official rates are 2.6 Venezuelan bolivars per dollar for high-priority goods like food and medicine and 4.3 bolivars to the dollar for nonessential goods.
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