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Bond Market News
Petrobras Cuts Q1 Dividend Payments
May 14, 2024
Petrobras has cut down its dividend payments after the extraordinary dividends in 2023 sparked a confrontation between the company and the government. The company’s board approved the first quarter dividend of $2.6bn, which was lesser than expectations of $2.9bn and the previous year’s Q1 dividend payment of $5bn. According to the company’s filing, the dividends were in-line with the policy of paying out 45% of free cash flow, albeit down from the earlier 60% before the change of the management. Last month, Petrobras’s board had approved the payout of a 50% extraordinary dividend for 2023, reaching a compromise between shareholders and the government.
Its dollar bonds were stable with its 5.6% 2031s at 96.3 cents on the dollar, yielding 6.3%.
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