Venezuela says bought $1 bln in Argentine bonds

Venezuela says bought $1 bln in Argentine bonds 6 Aug, 2008, 0424 hrs IST, REUTERS

BUENOS AIRES: Venezuelan President Hugo Chavez on Tuesday said his government bought $1 billion worth of Argentine bonds in the last few days.  "Venezuela bought a few days ago, or a week ago, $1 billion in Argentine bonds," he told a news conference in Buenos Aires. "We have great trust in the Argentines."  Venezuela bought $1.36 billion of Argentine paper in May, putting purchases over the last few years at well over $6 billion. The amount that Venezuela actually paid out was $1 billion, meaning the yield was 12.9 per cent.  A high-level source at the Economy Ministry said late on Tuesday that Venezuela had once again purchased Argentina's dollar-denominated Boden 2015 bonds, adding this latest deal went through "in the last few hours."  "The amount is the same as before, Venezuela paid $1 billion to buy these bonds," the source said, adding that the direct placement to Caracas was part of the Argentine government's financing plan.  The official said the government would reveal the yield and terms of the sale in the coming days.