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Securitization markets in Venezuela

This page updated regularly deals with securitization developments in Venezuela. If you have any news or development to contribute to this, please write to me.

State of the Market:

The Venezuelan economy has suffered severely during the devaluations of the bolivar in 1995 and 1996. Securitisation has been used by some entrepreneurs as a device to delink the exchange risk from their receivables particularly the foreign exchange receivables.

In 1994, Banco Union came with a credit card receivables securitisation. Banco Union continued with credit cards issuance in 1998.

In 1998, Petroleos de Venezuela S.A. launched one of the largest ever - close to $2 billion - Latin American issues backed by future oil receivables. The issue was rated 7 notches above the local currency rating.

Legal initiativess:
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