Balancing Coverage Options

Balancing Coverage Options

When the 40-story, 57-ton offshore oil platform owned by Petrobras plunged into the Atlantic Ocean in March killing 11 people, the disaster dealt a severe blow to the reputation of Brazil's national oil company. Petrobras knew that its next foray into the international capital markets would have to be visible and bold: one that would resurrect the company's claim to world-class status. But the timing of its $300 million, seven-year 144a bond issue was inauspicious, coming to market at the beginning of May as Argentina prepared to launch its $29.5 billion debt exchange and the Brazilian economy began to strain from a mounting energy crisis. Even so, the bond - which Moody's rated a heft

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