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Petrobras Planning 10Y Dollar Bond Issuance to Raise Up to $1.5bn
June 26, 2023
Petrobras is planning to raise up to $1.5bn via a potential 10Y bond, as per sources. If the issuance goes as planned it would be Petrobras’ first dollar bond issuance since June 2021 where it raised $2.25bn via a 5.5% bond due 2051. Proceeds from the issuance are planned to be used at least partly for liability-management purposes, the sources people said. Petrobras’ financial performance has improved after the pandemic saw the company report large losses. Recently in Q1, the oil producer posted a net profit of net profit $7.63bn, much better than expectations of $6.7bn. It also saw gross debt drop 9% YoY to $53bn, the lowest since 2010. Petrobras is currently rated Ba1/BB-/BB-.
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