Venezuela’s Citgo Squeeze Not Cheap With 12% Bond Yield

Venezuela’s bid to squeeze money out of its U.S.-based oil refining company is coming at a steep price. Delaware-based Citgo Holding Inc., a unit of Venezuela’s state-owned oil producer, had to boost the yield on a $1.5 billion, five-year bond sale by more than a percentage point to 12.1 percent to attract buyers on Monday, according to a person familiar with the matter, who asked not to be identified because of company policy. Similar-maturity debt from Citgo’s refinery peers yield 8.1 percent on average. More…