Venezuelan lawmakers OK $1.4B bond sale

Venezuelan lawmakers on Tuesday approved a $1.4 billion bond sale to help the world's fifth-largest oil exporter pay off and refinance debt amid high oil prices.

Ricardo Sanguiono, vice president of the congressional finance commission, said the bond issue may be used "to manage both local or foreign debt."

The bonds could be denominated in U.S. dollars, euros or Venezuelan bolivars depending on what the Finance Ministry determines best fits the country's financial strategy, he added.


Under President Hugo Chavez, Venezuela has used its surging revenue from oil exports to aggressively refinance its public debt.

Venezuela plans to buy back $3.9 billion in Brady bonds by the end of May and is paying off debts to some multilateral lenders.