Petrobras Is Said to Plan First Dollar Bond Sale Since 2021

According to insiders, Petroleo Brasileiro SA, which is a government-controlled oil company in Brazil, is preparing to issue a major debt sale on the global market starting from Monday.

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According to anonymous sources, Petrobras is likely to make available approximately $1.5 billion in 10-year bonds. The company is aiming to use a portion of the funds for managing liabilities, though the size and timing of the deal may still be subject to alteration.

Petrobras did not respond right away to an email request for comment that was sent outside of normal business hours.

Earlier this year, the government-owned oil producer borrowed money from the international financial community. Specifically, in June, it obtained funds by issuing long-term bonds. The purpose of these bonds was to acquire existing debts. Another time Brazil accessed global credit markets was in April, where it managed to secure $2.25 billion through its first dollar offering since President Luiz Inacio Lula da Silva's inauguration in January.

Petrobras investors have been worried that the Lula government might become more involved in the company's affairs since the appointment of Jean Paul Prates as CEO.

Prates has made a promise to increase their investment into improving and creating sustainable energy sources. They also plan on continuing to grow their most lucrative business at the extensive oil reserves located in the depths of the ocean.

The company that produces oil made more money than anticipated in the first three months of the year, and also managed to lower their overall debt to $53 billion. This is the lowest amount of debt they've had since 2010.

With the help of Esteban Duarte, this blog section was written.

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