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Emerging MarketsEM LatAm

Petbra bonds recover but CEO sacking raises Brazil doubts

Petrobras, 575, LatAm, oil, quasi sovereign, Brazil

Spreads on Petrobras’s bonds recovered most of their lost ground this week after a sharp sell-off followed Brazilian president Jair Bolsonaro sacking the company’s chief executive on Monday. But while strong quarterly results released on Wednesday were a reminder of the state-owned oil and gas giant’s fundamental strength, Bolsonaro’s actions have led to questions around policy decisions in an economy with major fiscal issues.

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