Petrobras Returns to Europe

Petrobras Returns to Europe

Brazil Europe Bonds

Petrobras has raised more than $3.3bn-equivalent during its second visit to the European and Sterling bond markets. Diversifying funding sources away from USD as it addresses $235bn in capex needs, the Brazilian state-controlled oil producer was seen pricing at levels for the most part competitive to its EUR, GBP and dollar curves. A EUR1.3bn ($1.68bn) 2019 tranche priced at 99.398 with a 3.250% coupon to yield 3.357%, or mid-swaps plus 212.5bp, the tight end of 215bp (+/- 2.5bp) guidance. A EUR

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