Venezuela’s PDVSA to Sell Up to $5 Billion in Bonds

Venezuela’s state-controlled oil company will sell dollar bonds for the first time in six months as the government seeks foreign currency to end shortages of imported goods.

Petroleos de Venezuela SA said today it will sell to state banks as much as $5 billion of securities due in 2024 with an interest rate of 6 percent. The banks will probably sell the notes to importers, who will then raise dollars by selling them to overseas investors, according to Tamara Herrera, the chief economist at financial research firm Sintesis Financiera.