January 13, 2017 |
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.
This large, high-stakes bond issue buyback also reopened the cross-border market for Brazilians