(El Universal) - "The Venezuelan Bank of the Treasury estimated that demand of the Bonds of the South -debt titles Argentina and Venezuela issued jointly- was USD 12 billion, even though authorities are issuing USD 1.5 billion in bonds only, which means that around 87.5 percent of demand will not be met.

Chairman of the Bank of the Treasury Blagdimir Labrador also said at least 330,000 investors applied to purchase the second edition of the Bond of the South.

'In the first bidding process, 56,000 investors took part,' but the Bank of the Treasury estimates that 'that figure grew six or eight times.'

He branded the issue as 'absolutely successful' not because of 'the amounts and the volumes involved' but because of 'the democratization of investment.'

'The most outstanding news in this process is the participation of small- and medium-size investors, despite disinformation.'

Bids to purchase the Bonds of the South were accepted from February 26 to March 1st. Awarding is scheduled for next March 5.

The so-called 'joint issue' of the Bond of the South II will be payable in bolivars and comprises joint sale at one single price of covered interest and capital titles -which are US dollar-denominated Venezuelan debt bonds maturing in 2009 with a 5.25 percent yield and Argentinean Boden 15 with a fixed yield of 7.00 percent, the Ministry of Finance said".