Corporate Liability Management of the Year

Corporate Liability Management of the Year

Corporate & Sovereign Strategy Brazil Bonds

Petrobras $6bn tender/new issue Brazil's state-owned oil company is one of the world's most indebted. But, under pressure from investors, the firm made strides in improving its financial profile and reducing leverage in 2016. Divestments have been a big part of the strategy. Among Petrobras' highest-profile asset sales were its $5.19 billion deal to offload 90% of natural gas pipeline Nova Transportadora do Sudoeste (NTS) to a consortium led by Brookfield.But debt management operations have also played an important part and a mid-year liability management exercise was particularly impressive. In May, Petrobras issued $6.75 billion of five and 10-year bonds to fund a buyback offer. The

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