BRAZIL BANKING: Plumbing the depths

BRAZIL BANKING: Plumbing the depths

Bonds Brazil Corporate & Sovereign Strategy

Petrobras is tasked with an unprecedented transformation, shaped by austerity and largely dependent on a divestment program that comes amid a pervasive corruption investigation and a torrid time for Brazil’s economy and global energy markets. The company is saddled with $24 billion in debt maturing in 2016 and 2017, $6 billion of which is due to bondholders this year. While it has announced intentions to divest up to $15.1 billion of assets by the end of 2016, and a further $42.6 billion in divestments by the end of 2018, these goals seem ambitious given Petrobras’ track record last year, when it unloaded $700 million of assets. The largest sale, Mitsui’s roughly $463 million purchase of a s

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