QUASI-SOVEREIGN BOND - Breaking Records

QUASI-SOVEREIGN BOND - Breaking Records

Corporate & Sovereign Strategy Brazil

Petrobras’s record-breaking $6 billion three-tranche deal in January 2011 proved to be the splashiest of quasi-sovereign trades in 2011 when it became the largest-ever corporate issuance from a Brazilian company. Large and multi-faceted trades that come once a year are now part of the oil company’s strategy in the US dollar market as it tries to balance its enormous financing needs while satisfying investor demands in its core market. “This was an important transaction for Petrobras,” says the company’s CFO Almir Barbassa. “We used the same strategy in the euro and sterling markets.” Among non-sovereign issuers, the $6 billion size trails only a $7.5 billion 2007 sale from Venezuelan s

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