Argentina will sell $1.36 billion in dollar-denominated bonds maturing in 2015 to Venezuela

Argentina will sell $1.36 billion in dollar-denominated bonds maturing in 2015 to Venezuela, Argentina's official gazette reported today. The bonds have a 7 percent coupon and will be sold directly to Venezuela at market prices, the gazette said. Venezuela has bought billions of dollars in bonds from Argentina over the past few years, which it then resold to local investors to drain excess reserves from the economy and help meet demand in Venezuela for U.S. dollars.