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The public bond offering of Petróleos de Venezuela S.A

Author

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  • Garay, Urbi
  • Molina, Carlos A.

Abstract

In April 2007, Petróleos de Venezuela S.A. (PDVSA) issued debt for USD 7.5billion, the largest debt offering to date by a Latin American company. The conditions surrounding this issue, which was denominated and tradable in dollars, but payable in bolivars, were quite special, particularly when considering the strict foreign exchange control system put into place by the Venezuelan government in 2003. The fact that the bond issue attempted to fulfill the dual purpose of offering dollars to local companies and investors in the midst of prevailing exchange rate controls, while helping to finance PDVSA as a company, creates a unique dilemma that is ideal for class discussion. This teaching case provides the information necessary for estimating and proposing a price for PDVSA's bond offer.

Suggested Citation

  • Garay, Urbi & Molina, Carlos A., 2014. "The public bond offering of Petróleos de Venezuela S.A," Journal of Business Research, Elsevier, vol. 67(4), pages 582-590.
    • Handle: RePEc:eee:jbrese:v:67:y:2014:i:4:p:582-590
    DOI: 10.1016/j.jbusres.2013.11.019
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    Cited by:

    1. Garay, Urbi & González, Maximiliano & Rosso, John, 2019. "Country and industry effects in corporate bond spreads in emerging markets," Journal of Business Research, Elsevier, vol. 102(C), pages 191-200.

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