Brazilian state oil giant Petrobras began the year finalising yet another buy-back of existing bonds, though the response from bondholders fell below the $1.5bn maximum repurchase amount set by the borrower.
Petrobras had launched the tender in December shortly after announcing a 2019-2023 business plan that proposed it continued on a path of debt reduction that has cut gross debt by over $40bn in the past four years, to $88bn at the end of the third quarter of 2018.
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