Permanent
No maturity date
Securities Market · Venezuela · 2026
4 mechanisms to raise funds in Venezuela's securities market
Banks operate under a 73% legal reserve requirement — capital markets become the alternative for financing the productive sector.
Mechanism
Tenor
Equity dilution
SUNAVAL authorization
Best for
01
Equity issuance
Initial public offering
Yes
Min. 20% of capital offered to public
Yes
Registration in the NVR
Permanent capital
Willing to share ownership control
02
Debt issuance
Bonds · Commercial paper · Promissory notes
15 days – long-term
E.g. up to 3 years depending on instrument
No
No ownership dilution
Yes
+ 2 independent credit ratings
Fixed-term financing
Without altering ownership structure
03
Asset securitization
Receivables · Lease contracts · Commercial flows
Up to 360 days
Generally, based on transferred assets
No
No new debt or equity
Yes
Overcollateralization required
Immediate liquidity
From cash-flow-generating assets
04
CFB · MOB
Exchange Financing Certificates
≤ 180 days
Invoices and purchase orders
No
Assignment of credit rights only
Notification only
No prior authorization required
Working capital
Fast and flexible access