Wednesday, 4 February 2009

Just Now!!!! Petrobras Price Guidance is 8.25 Percent Area

Important: A person familiar with the sale expects the Petrobras issue to price today late in the afternoon at a yield around 8.25 percent (with 12.5 basis points plus or down, depending on the result of the book-building.) Even as people who comment in this blog regularly said that Petrobras doesn't need the money, we insist that the company remains in need for fresh cash and was in urgency to tap international fixed-income markets for the first time in more than a year. Click on the Moody's report that we move today -- although the ratings company says that Petrobras will likely weather any possible cash problems, the required increase in Capex and debt is worrisome. Here are the details on the issuance:

Issuer: Petrobras International Finance Co.
Guarantor: Petroleo Brasileiro SA
Structure: Senior Unsecured
Ratings: Baa1 / BBB / BBB (STABLE / STABLE / STABLE)

Size: Dollar Benchmark

Maturity: 10 year

Price Guidance: To Be Announced
Use of Proceeds: General Corporate Purposes; Intercompany Loans; Capital Expenditures
Bookrunners: HSBC Holdings Plc. /JPMorgan & Co. / Banco Santander SA
Timing: ASAP

1 comment:

  1. Os gastos em Capex são ótimos e esta grana é peanuts !