Petrobras taps 2031s but set to buy back more

Petrobras, 575, LatAm, oil, quasi sovereign, Brazil
By Oliver West
14 Oct 2020

Brazilian state-owned oil company Petrobras returned to bond markets on Tuesday as part of a debt reducing liability management exercise as the issuer continues to lower its bond outstandings.

Petrobras, once the most prolific bond issuer in emerging markets, has been steadily reducing its debt since 2015, when Brazil’s Lava Jato corruption scandal saw it lose its investment grade rating. As financial debt fell from $126bn in 2015 to $63bn in 2019, according to Fitch, this has ...

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