Venezuela's PDVSA says will honor all 2017 bonds if swap declined

Venezuela's state oil company PDVSA said on Sunday it would honor all 2017 bonds if a swap offer is not taken up, while reiterating that its proposal to swap up to $7.1 billion of debt was "attractive." Caracas-based PDVSA on Friday made an offer to swap debt maturing next year for a new 2020 bond with a coupon of 8.5 percent in an effort to ease its heavy short-term payment schedule. "This offer has very attractive returns," said PDVSA President Eulogio Del Pino during a summit of the Non-Aligned Movement on the Caribbean island of Margarita. More…