Petbra widens as exchange deadline nears

Petrobras, building, Brazil, LatAm
By Oliver West
21 Sep 2017

Brazilian oil giant Petrobras appeared to have timed its return to bond markets to perfection on Monday, but an underwhelming secondary market performance left some investors disappointed.

DCM bankers away from the deal praised the execution of Petrobras’ new bonds — two $1bn notes maturing in January 2025 and January 2028 — as the state-owned issuer achieved new issue concessions of around zero on the shorter tranche and just 10bp on the long 10 year.

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