(Bloomberg) -- State oil company PDVSA has finished preparations for a bond-swap plan for debt due in 2016 and 2017, Venezuelan daily El Nacional reports, citing unnamed sources with knowledge of the deal.

Venezuela’s PDVSA Said to Ready for Bond Swap Soon: Nacional

Sunday, August 28, 2016 04:42 pm

by Andrew Rosati

(Bloomberg) -- State oil company PDVSA has finished preparations for a bond-swap plan for debt due in 2016 and 2017, Venezuelan daily El Nacional reports, citing unnamed sources with knowledge of the deal.

• NOTE: July 27, Venezuela to Offer Bond Swap Proposal for PDVSA 2017: PetroGuia
• According to El Nacional, swap for debt coming due in 2016 was possible because of a repurchase of a large portion of bonds coming due that year
• PDVSA is still designing swap for debt coming due in 2017 and determining an “attractive” rate for bond holders, El Nacional says
• According to El Nacional, Credit Suisse is carrying out operations with PDVSA
• NOTE: Aug. 19, PDVSA Said in Talks w/Credit Suisse for Swap of ’17 Bonds: Rtrs

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To contact the reporter on this story:
Andrew Rosati in Caracas at arosati3@bloomberg.net
To contact the editors responsible for this story:
Philip Sanders at psanders@bloomberg.net
Dan Hart