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 officer...
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