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Bond Market News
Petrobras Does Not Rule Out Potential Extraordinary Dividend Payment
August 12, 2024
Petrobras has said that an “extraordinary dividend payment is not ruled out in 2024” despite reporting weaker than expected second quarter results. It reported a net loss of BRL 2.6bn ($472mn) alongside reduced capex estimates for 2024. It paid dividends of BRL 13.57bn ($2.5bn) by using BRL 6.4bn ($1.2bn) from a capital reserve. BTG bank analysts note that the reduced capex estimates for this year could help pave the way for extraordinary dividends.
Petrobras’ dollar bonds held steady with its 5.6% 2031s at 98.2, yielding 5.95%.
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