Obligation Venezuella 9.375% ( US922646BL74 ) en USD

Venezuella

19.72 % ▲

Venezuela

US922646BL74 ( en USD )

9.375% par an ( paiement semestriel )

12/01/2034

Prospectus brochure de l'obligation Venezuela US922646BL74 en USD 9.375%, échéance 12/01/2034

922646BL7

13/07/2025 ( Dans 70 jours )

Le Venezuela est une république fédérale présidentielle d'Amérique du Sud, riche en ressources pétrolières mais confrontée à une crise économique et politique profonde.

L'obligation vénézuélienne, code ISIN US922646BL74 (CUSIP 922646BL7), émise au Venezuela en USD, affiche un prix actuel de marché de 19,72%, offre un taux d'intérêt de 9,375% et arrive à échéance le 12/01/2034 avec des paiements semestriels.

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424B5 1 w91884b5e424b5.htm FILED PURSUANT TO RULE 424(B)(5)
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Filed pursuant to Rule 424(b)(5)
File No. 333-09186
Prospectus Supplement
To prospectus dated January 7, 2004
(BRV LOGO)
Bolivarian Republic of Venezuela
US $1,000,000,000
9.375% Global Bonds Due 2034
Interest payable January 13 and July 13
The global bonds will bear interest at the rate of 9.375% per year, accruing from January 14, 2004 and will mature on
January 13, 2034. The global bonds are not redeemable prior to maturity. The global bonds are direct, unconditional and
unsecured obligations of the Republic. Venezuela will apply to list the global bonds on the Luxembourg Stock Exchange.
The global bonds will be designated Collective Action Securities and, as such, will contain provisions regarding future
modifications to their terms that differ from those applicable to a substantial portion of Venezuela's outstanding Public
External Indebtedness. Under these provisions, which are described in the section entitled "Description of the Global Bonds --
Meetings and Amendments" in this prospectus supplement, Venezuela may amend the payment provisions and certain other
terms of the global bonds with the consent of the holders of 85% of the aggregate principal amount Outstanding of the global
bonds.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of
these securities or determined the adequacy or accuracy of this prospectus supplement or the accompanying prospectus.
Any representation to the contrary is a criminal offense.

Per Global Bond
Total
Public Offering Price

92.976%

$929,760,000
Commissions

0.65%

$
6,500,000
Proceeds to the Republic (before net expenses)

92.326%

$923,260,000
The Republic will issue the global bonds through the book-entry system of the Depository Trust Company on or about
January 14, 2004.
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You should read this prospectus supplement and the accompanying prospectus carefully before you invest.
Underwriter and Bookrunner
JPMorgan
January 7, 2004
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Table of Contents

Prospectus Supplement
Page
About this Prospectus Supplement

S-3
Summary

S-4
Use of Proceeds

S-7
Description of the Global Bonds

S-8
Global Clearance and Settlement

S-13
Taxation

S-17
Underwriting

S-20
Validity of the Global Bonds

S-21
Authorized Representative

S-21
General Information

S-21

Prospectus

Official Statements

3
Enforcement of Civil Liabilities

3
Forward-Looking Statements

3
Use of Proceeds

5
Where You Can Find Additional Information

5
Investment Considerations

6
Recent Developments

12
Principal Economic Indicators

19
Bolivarian Republic of Venezuela

20
Legal Proceedings

28
The Venezuelan Economy

29
Principal Sectors of the Venezuelan Economy

63
The Financial System

93
Public Finance

101
Public Debt

109
Description of the Debt Securities

118
Banco Central Undertaking

126
Plan of Distribution

127
Legal Matters

129
Tables and Supplementary Information

130
You should rely only on the information contained in or incorporated by reference in this prospectus supplement and
the accompanying prospectus. The Republic has not authorized anyone to provide you with different or additional
information. The Republic is not making an offer of these securities in any jurisdiction where the offer or sale is not
permitted. You should not assume that the information provided by this prospectus supplement or the accompanying
prospectus is accurate as of any date other than the date on the front of this prospectus supplement. The financial
condition and prospects of the Republic may have changed since that date.
S-2
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About this Prospectus Supplement
The Republic, having made all reasonable inquiries, confirms that this prospectus supplement and the accompanying
prospectus contain all information with respect to the Republic and the global bonds which is material in the context of the
issue and offering of the global bonds, and that such information is true and accurate in all material respects and is not
misleading, that the opinions and intentions expressed herein are honestly held and that, to the best of the Republic's
knowledge and belief, there are no other facts the omission of which would make any such information or the expression of any
such opinions and intentions materially misleading. The Republic accepts responsibility accordingly.
You should rely on information provided or incorporated by reference in this prospectus supplement and the accompanying
prospectus. The Republic has not authorized anyone else to provide you with any other information. You should not rely on any
other information in making your investment decision.
The Republic is not offering to sell or soliciting offers to buy any securities other than the global bonds offered under this
prospectus supplement, nor is the Republic offering to sell or soliciting offers to buy the global bonds in places where such
offers are not permitted by applicable law. You should not assume that the information in this prospectus supplement or the
accompanying prospectus, or the information the Republic has previously filed with the Securities and Exchange Commission
(the "Commission") and incorporated by reference in this prospectus supplement and the accompanying prospectus, is accurate
as of any date other than their respective dates. The Republic's economic, fiscal or political circumstances may have changed
since such dates.
The global bonds described in this prospectus supplement are debt securities of the Republic being offered under Registration
Statement No. 333-9186 filed with the Commission under the U.S. Securities Act of 1933; the accompanying prospectus is part
of the registration statement. The accompanying prospectus provides you with a general description of the securities that the
Republic may offer, and this prospectus supplement contains specific information about the terms of this offering and the
global bonds. This prospectus supplement also adds, updates or changes information provided or incorporated by reference in
the accompanying prospectus. Consequently, before you invest, you should read this prospectus supplement together with the
accompanying prospectus as well as the documents incorporated by reference in this prospectus supplement and the
accompanying prospectus. Those documents contain information regarding the Republic, the global bonds and other matters.
The registration statement, any post-effective amendments thereto, the various exhibits thereto, and the documents incorporated
therein by reference, contain additional information about the Republic and the global bonds. All such documents may be
inspected at the office of the Commission. Certain terms used but not defined in this prospectus supplement are defined in the
prospectus.
References to the "Republic" or "Venezuela" are to the Bolivarian Republic of Venezuela.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the global bonds in certain
jurisdictions may be restricted by law. Persons who receive copies of this prospectus supplement and the accompanying
prospectus should inform themselves about and observe any such restrictions. See "Plan of Distribution" in this prospectus
supplement.
The Republic is a foreign sovereign state. Consequently, it may be difficult for investors to obtain or realize upon judgments of
courts in the United States against the Republic. See "Enforcement of Civil Liabilities" in the accompanying prospectus.
S-3
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Summary
The following summary is qualified in its entirety by, and should be read in conjunction with, the more detailed information
appearing elsewhere in this prospectus supplement and the accompanying prospectus.

Issuer
Bolivarian Republic of Venezuela.

Title of Security
9.375% Global Bonds Due 2034.

Aggregate Principal Amount
$1,000,000,000.

Maturity Date
January 13, 2034.

Interest Rate
9.375% per annum.

Issue Price
92.976%, plus accrued interest from January 14, 2004, if any.

Interest Payment Dates
January 13 and July 13 of each year, starting July 13, 2004.

Form
The global bonds will be represented by one or more book-entry securities in fully
registered form, without coupons, in denominations of $2,000 and integral multiples of
$1,000 in excess thereof, which will be registered in the name of, and deposited with a
custodian for, the Depository Trust Company ("DTC"). Beneficial interests in the global
bonds will be shown on, and transfer thereof will be effected only through, records
maintained by DTC and its participants, unless certain contingencies occur, in which case
the global bonds will be issued in definitive form. (See "Description of the Global
Bonds -- Definitive Global Bonds" in this prospectus supplement.)

Book-Entry System
Upon the issuance of the global bonds as book-entry securities, DTC or its nominee will
credit on its book-entry registration and transfer system the respective principal amounts
of the global bonds represented by the book-entry securities to the accounts of institutions
("DTC participants") that have accounts with DTC or its nominee that the underwriter
designates. Ownership of beneficial interests in the book-entry securities will be limited to
DTC participants or persons that may hold interests through DTC participants. Ownership
of beneficial interests in the book-entry securities will be shown on, and the transfer of
that ownership will be effected only through, records maintained by DTC or its nominee
(with respect to interests of DTC participants) and on the records of DTC participants
(with respect to interests of persons other than DTC participants). Investors may elect to
hold interests in the global bonds through any of DTC, Clearstream Banking, société
anonyme ("Clearstream, Luxembourg") or the Euroclear System ("Euroclear") if they are
participants of such systems, or indirectly through organizations that are participants in
such systems.

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Payment of Principal and Interest
Principal of and interest on the global bonds will be payable in U.S. dollars or other legal
tender of the United States of America. As long as the global bonds are in the form of
book-entry securities, payment of principal and interest to investors shall be made through
the facilities of DTC.
S-4
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Ranking
The global bonds will constitute direct, unconditional and general obligations of the
Republic and will rank equally, without any preference among themselves, with any other
existing and future unsecured and unsubordinated indebtedness of the Republic. (See
"Description of the Global Bonds -- General Terms of the Global Bonds" in this
prospectus supplement and "Description of the Debt Securities -- Nature of Obligations"
in the prospectus.)

Collective Action Clauses
The global bonds will be designated Collective Action Securities and, as such, will
contain certain provisions that allow Venezuela to amend the payment provisions and
certain other terms of the global bonds with the consent of the holders of 85% of the
aggregate principal amount Outstanding of the global bonds. (See "Description of the
Global Bonds -- Meetings and Amendments" in this prospectus supplement.) Such
collective action clauses are not contained in a substantial portion of the Republic's
outstanding Public External Indebtedness.

Negative Pledge
The global bonds will contain certain covenants, including restrictions on the incurrence
of certain liens. (See "Description of the Debt Securities" in the prospectus.)

Events of Default
The global bonds will contain events of default, the occurrence of which may result in the
acceleration of the Republic's obligations under the global bonds prior to maturity. (See
"Description of the Debt Securities" in the prospectus.)

Listing
The Republic will apply to list the global bonds on the Luxembourg Stock Exchange.

Fiscal Agent
The global bonds will be issued pursuant to a fiscal agency agreement, dated as of
August 6, 1998, as amended, between the Republic and JPMorgan Chase Bank (formerly
The Chase Manhattan Bank), as fiscal agent, paying agent, transfer agent and registrar.

Taxation
For a discussion of the Venezuelan and United States tax consequences associated with
the global bonds, see "Taxation -- Venezuela Taxation" and " -- United States Taxation"
in this prospectus supplement. Investors should consult their own tax advisors in
determining the foreign, U.S. federal, state, local and any other tax consequences to them
of the purchase, ownership and disposition of the global bonds.

Governing Law
The laws of the State of New York will be the governing law except with respect to the
authorization and execution of the global bonds, which will be governed by the laws of
the Republic.

Further Issues
The Republic may, without the consent of the holders of the global bonds, create and issue
additional securities with the same terms and conditions as those of the global bonds (or
with the same terms and conditions except for the amount of the first interest payment and
issue price); provided that such additional global bonds do not have, for purposes of U.S.
federal income taxation (regardless of whether any holders of such global bonds are
subject to U.S. federal tax law), original issue discount.
S-5
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Document Outline

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