QUASI-SOVEREIGN BOND: Petrobras $11bn jumbo
Timing, size and execution were all remarkable in this attention-grabbing bond sale
Size is not everything. Nor is timing. But when the two
elements come together in as a spectacular fashion as they did
for Petrobras’ $11 billion bond issue in May 2013,
the result is often extraordinary. The A3/BBB/BBB rated
borrower sold a six-tranche issue, drawing an order book of
around $45 billion — enough to make the deal even
bigger, had it wanted to. "Although we had demand to have done
a larger size, we were considering a maximum of $11 billion,"
Almir Barbassa, Petrobras’ chief financial
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