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Euros in favor as Petrobras prints jumbo

Jan 8, 2014

Petrobras became the first Latin American borrower to tap the cross-border bond market in 2014, turning to European investors for a $5bn-equivalent deal that could herald a trend away from funding in dollars. The Brazilian oil firm’s bond sold Tuesday was split into 3 euro-denominated tranches totaling EUR3.05bn ($4.15bn), and a GBP600m ($984m) sterling tranche. Lead...

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

Jan Dehn, Ashmore Investment Management