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Petrobras (NYSE:PBR) said Monday its recent 10-year bond issuance, its first since 2021, beat expectations in raising ~$1.25B powered by strong demand.
“From a qualitative point of view, the bond issue exceeded expectations. And also quantitatively because it had overbooking, it had important rate compression,” CFO Sergio Caetano Leite told Reuters, also noting 60% of orders came from investment funds, which he said was an important qualitative sign of the operation.
The bonds mature in July 2023 with a 6.5% annual coupon and a 6.625% annual yield to investors, issuance was 3.4x oversubscribed and featured 327 orders from investors in North America, Europe, Asia and Latin America, the company said.
Some of the funds raised will be used to improve Petrobras’ (PBR) debt profile, which currently stands at ~$53B, near the low end of the $50B-$65B range set in the company’s five-year strategic plan, which Leite said he sees as appropriate.
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