PDVSA, Venezuela’s state-owned oil company, is issuing larger amounts of debt in the international markets so that individuals and corporations in the country have access to US dollars, after the government stopped local brokerages from exchanging dollars on the black market last year.
The company issued a total of $10.8 billion of debt last year maturing in 2014, 2017 and 2022, according to Barclays Capital. It pays the highest yield – more than 16% on the 2017 paper and 17.5%
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