Petrobras Back on the Road

Petrobras is set to begin today a US and European roadshow to update markets on its activities ahead of a new “benchmark size” transaction. The 2-team trip begins in San Francisco, visiting London, and Los Angeles before finishing Thursday in New York and Boston. The issuer is heard preparing a jumbo multi-tranche offer, including a long-dated bond to follow the sovereign’s recent 2037 and 2041 issuance. Citi, HSBC, JPMorgan and Santander are managing the sale. Petrobras hit the dollar markets in January for $1.500bn in 7.875% of 2019 bonds to yield 8.125%, and reopened them for $1.250bn, yield 6.875%, in July. The oil producer is rated Baa1/BBB/BBB minus.