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Petrobras Breaks Records with Jumbo Trade

Feb 2, 2012

Brazil’s Petrobras bettered its 2011 $6bn offering to price a larger $7bn sale Wednesday across 4 tranches, after drumming up more than $25bn in orders. The book size was impressive, and clearly broke records for a LatAm corporate name, allowing the oil company to end some 10-15bp tighter than initial guidance across all tranches and print what was the region’s largest ever bond with the exception of PDVSA’s $7.5bn offering in 2007. .Some bankers had wondered why the borrower didn’t wait for secondaries to settle down after rumors of...

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"Brazil is developing a two-speed economy. Industrial production should continue to underperfrom while the service economy should continue to grow strongly."

Alexander Gorra, Senior Investment Strategist, BNY Mellon ARX Investimentos


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