Petrobras still short of $3bn bond buy-back target

By Oliver West
17 Jul 2019

Petrobras will buy back $1.79bn of dollar bonds to go with the $639m-equivalent it spent repurchasing sterling and euro notes last week, but the Brazilian state-owned oil giant’s debt buy-back looks set to fall below the $3bn target on this occasion.

Ba2/BB-/BB- rated Petrobras had launched the two-part tender offer on July 1, first looking to spend up to $3bn-equivalent on repurchasing a portion of four euro notes with €1.767bn ($1.98bn) outstanding and three sterling bonds totalling £1.719bn ($2.13bn).

The company wrapped up that stage of the tender offer last ...

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