CORRECTED-UPDATE 1-Venezuela's PDVSA bonds fall after swap proposal unveiled

lunes 19 de septiembre de 2016 15:15 GYT

(Corrects paragraph 3 to read 2017 bond instead of 2107)

By Eyanir Chinea

CARACAS, Sept 19 (Reuters) - Venezuelan state oil company PDVSA's bonds fell on Monday in an unenthusiastic market reaction to the borrower's $7.1 billion debt swap offer.

Under the exchange proposal unveiled on Friday evening, the new 2020 bond carries a 8.5 percent coupon and can be swapped with bonds maturing in November 2017 and April 2017.

The new bond's coupon is higher than the April 2017 bond's 5.25 percent coupon but matches that of the November 2017 bond.

As an incentive for investors, PDVSA is offering shares of its U.S. CITGO Holdings unit as a collateral guarantee, but Venezuela's opposition, which controls parliament, has indicated it will oppose that.

"There it is, on the table," PDVSA head Eulogio Del Pino told the company's TV channel on Monday. "An exchange that favors those who decide to stick with us a short while more. Those who decide not, we are willing to fulfill our (payments)."

Despite that upbeat tone, the November 2017 debt bond fell 2.45 points, or 2.9 percent, to a bid price of 76.35, while the April 2017 bond was off 2.1 points or 2.7 percent, to 71.5.

Other PDVSA bonds were all down, with the benchmark 2022 bond off 1.3 points or 2 percent, to a price of 57.5, according to Thomson Reuters data.   Continuación...