Petrobras offers bond swap

Petrobras offers bond swap

Bonds Debt Capital Markets Fixed Income Corporate & Sovereign Strategy Energy Brazil US

Brazil's Petrobras said on Monday that it has offered to exchange new 2030 notes for seven series of bonds that mature between 2023 and 2029.

The state-owned oil company said it will issue at least $1bn in new notes and exchange or repurchase up to $3bn of old notes, adding that it expects to price the new notes at up to 322bp over US Treasury bonds.

For the old notes, Petrobras listed $1.5bn in outstanding 4.375% 2023 bonds, $1.98bn in 6.25% 2024s, $2.66bn in 5.299% 2025s, $2.96bn in 8.75% 2026s, $3.39bn in 7.375% 2027s, $4.79bn in 5.999% 2028s and $2.62bn in 5.75% 2029s.

Petrobras has also offered cash to buy back the old notes. The offer expires on September 13. The dealer managers are Citi, Crédit Agricole, HSBC, Mizuho, Morgan Stanley and Santander.

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