Supply Talk Persists After Petrobras Chief Steps Down

Jan 24, 2012

Petrobras CEO Sergio Gabrielli is vacating the top job at a time when the Brazilian state-controlled oil company faces a series of challenges that his replacement will be forced to address. This comes as rumors continued to circulate Monday that the borrower was poised to return to the dollar bond market with a multi-tranche offering. What impact Gabrielli’s departure will have on the timing of any bond this year may be a matter of conjecture at this stage, but an issue may make sense in the context of Petrobras’s plans...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management