Petrobras pushes on price to reopen Brazil

Petrobras, 575, LatAm, oil, quasi sovereign, Brazil
By Oliver West
28 May 2020

Investors and bankers said that Petrobras had achieved exceptionally tight pricing on Wednesday as the oil and gas giant became the first Brazilian issuer to tap international bond markets in times of coronavirus amid a strong rally in corporate paper from the country.

As GlobalCapitalreported last week, DCM bankers had placed their hopes in government-owned Petrobras as the most likely candidate to reopen primary markets, with most Brazilian companies content to rely on liquid bank markets to cover their immediate funding needs.

With one trader noting that dollar-denominated Brazilian corporate ...

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