In January 2005, the Argentine government offered the first debt restructuring to affected bondholders; nearly 76% of the defaulted bonds (US$62.5 billion) were thus exchanged and brought out of default. The exchange offered longer term par, quasi-par, and discount bonds - the latter with a much lower nominal value (25–35% of the original). The majority of the Argentine bond market thereafter became based on GDP-linked bonds, and investors, both foreign and domestic, netted record yields amid renewed growth. One of the largest single investors in Argentine bonds following these developments was Venezuela, which bought a total of more than $5 billion in restructured Argentine bonds from 2005 to 2007. Between 2001-2006, Venezuela was the largest single buyer of Argentina's debt.