Petrobras continues debt reduction with $2bn buy-back

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

Brazilian oil company Petrobras this week announced it will spend $1.95bn on repurchasing existing bonds via a tender offer, as the rapid pace of its reduction continues.

Bankers working on last week’s $1bn reopening of Petrobras’ 2031s had said the company was looking to buy back roughly twice the amount of new bonds it had raised via a tender offer. And enough bondholders participated for the issuer to come close to its $2bn target.

Petrobras launched ...

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