CARACAS, Sept 19 (Reuters) - Venezuelan state oil company PDVSA's bonds fell on Monday, in what could signal initial market disappointment over 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 would replace bonds maturing in November 2017 and April 2017 .
An incentive for investors is that the new bond's coupon is higher than the April 2107 bond's 5.25 percent coupon though equal to that of the November 2017 paper.
Another is that PDVSA would use shares of its U.S. refiner CITGO unit as a collateral guarantee.
Nomura analyst Siobhan Morden said the uncertainty of how the collateral would be valued partly account for the initial disappointment in the bond market over the swap proposal.
On Monday, the November 2017 debt bond fell 2.45 points, or 2.9 percent, to a bid price of 78.35, 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 1.615 points or 2.5 percent, to a price of 57.19, according to Thomson Reuters data.
PDVSA president Eulogio Del Pino said at the weekend the offer had "very attractive" returns, but the company would honor all 2017 bonds if the swap was not taken up.
After long fretting about possible default, investors in recent months have grown more optimistic the OPEC member country will meet debt payments despite an economic crisis that has spawned triple-digit inflation and chronic product shortages.
Reporting by Eyanir Chinea and Diego Oré; Writing by Andrew Cawthorne; Editing by W Simon