Petrobras trades softly on break with Lat Am to stay quiet

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

State-owned oil and gas giant Petrobras finally brought some bond supply from Brazil on Wednesday but, as the new issue traded down on the break, bankers said few Latin American issuers were likely to be persuaded of the benefits of tapping international markets in the short term.

Petrobras received some $16bn of orders, achieved 40bp of tightening, and priced at a slim new issue concession as it raised $3.25bn of long 10 and 30 year funding on Wednesday. But despite having all the ingredients of a blockbusting market reopener, usually bullish sell-side bankers did ...

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