Market Welcomes Petrobras’ Biggest Yet

May 14, 2013

Another year, and another record-setting Petrobras bond transaction: this time an unprecedented $11bn six-tranche sale that drew $45bn in orders and made the previous two years’ groundbreaking efforts look ordinary. Despite tightening 15bp-30bp from early morning whispers, depending on the tranche, buyers reported seeing pickups to the curve. The Brazilian state-controlled oil producer opted for 2016, 2019 “long 5-year,” 2023 and 2043 bonds, and, in a new twist, included 2016 and 2019 floating-rate notes (FRN). The most active tranches were trading up in the grey Monday afternoon, with the 2019 fixed-rate...

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