ESPACIO PUBLICITARIO
CARACAS, Wednesday May 21, 2014 | Update
 
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FINANCE | Keeps rating for Venezuelan bonds

Bank of America: Larger supply at Sicad 2 can improve fiscal accounts

Recent issue of Pdvsa bonds will be good to feed forex supply at Sicad 1 (File photo)
EL UNIVERSAL
Wednesday May 21, 2014  09:06 AM
Bank of America Merrill Lynch has noted in its latest report on Venezuela that it keeps a rating over the market for Venezuelan bonds as it deems it a "shift towards more orthodox policies" and the fact that the government "plans to pass more dollars to (Ancillary Foreign Currency Administration System) Sicad 2 with a higher exchange rate, which is positive for fiscal accounts."

The report, cited by Reuters, stresses that the recent issue of Pdvsa bonds for USD 5 billion will be used to feed the forex supply at Sicad 1 and Sicad 2.

"The market overreacted to the announcement on the issue of USD 5 billion in a new Pdvsa 2004 bond, we forecast that the issue will gradually enter through exchange systems Sicad 1 and Sicad 2, later on this year," Bank of America said.
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