QUASI-SOVEREIGN BOND: Petrobras $11bn jumbo

Jan 17, 2014

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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