Institutionals drive Petrobras deal as LatAm bond market warms up

Institutionals drive Petrobras deal as LatAm bond market warms up

Bonds

Petrobras’ six-tranche $8.5bn bond tightened in secondary trading on Tuesday, potentially good news for other Latin American borrowers as the region’s bond markets return to life. The largest tranche of Monday’s deal, a $2.5bn 2024 which was priced to yield 250bp over US Treasuries, had tightened 5bp to 10bp on Tuesday afternoon. “This is a good sign for the market. In general the demand is there, I think we have a good market backdrop,” said a bond banker. Others are already taking advantage, w

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