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Bond Market News
Petrobras Reduces Dividends to $1.6bn After Quarterly Loss
February 27, 2025
Petrobras announced BRL 9.1bn ($1.6bn) in dividends on Wednesday, trailing estimates after a surprise loss in the fourth quarter. The payout fell short of expectations for $2.8bn in dividends. This represents a fall in dividends by about half from the previous quarter. Petrobras reported a net loss of BRL 17bn ($2.9bn) in the fourth quarter due to exclusive events, highlighting the accounting impact of a sharp currency devaluation. Without the one-off events it claimed that net income would have been at BRL 17.7bn ($3bn).
Petrobras’ dollar bonds continued to trade stable with its 5.6% 2031s at 98.8, yielding 5.84%.
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