QUASI-SOVEREIGN BOND: Petrobras $11bn jumbo

QUASI-SOVEREIGN BOND: Petrobras $11bn jumbo

Corporate & Sovereign Strategy

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 told LatinFinance at the time of the sale. As it was, the deal qualified for a number of superlatives: the largest from an emerging market borrower; the fifth-largest corporate transac

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