January 17, 2014
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
Timing, size and execution were all remarkable in this attention-grabbing bond sale