Venezuelan utility Genevapca is preparing a $150 million 10-year securitization via Banco Santander Central Hispano and hopes to issue the debt before year-end. The bond will monetize off-take agreements between the power producer and its principal client, state-owned oil company PDVSA.

Zurich Emerging Markets Services may be providing transfer and convertibility coverage for the bond as well as a $40 million non-honoring insurance policy to protect against a missed payment by PDVSA. This explains the rumors that PDVSA was looking for political risk insurance (PRI) for a capital markets transaction.

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