Petrobras sells $8.5B in bonds, generous yields overcome doubts

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR) sold $8.5B of bonds yesterday, cementing its position as Latin America’s biggest debt issuer.

Investors snapped up the bonds after PBR offered yields that were as much as 0.45 percentage point higher than existing bonds, helping overcome concerns that the sale would create a glut of supply.

PBR is raising funds as it seeks to develop the biggest offshore oil find in the Americas in more than 30 years; it sold $5.1B of bonds denominated in euros and pounds on Jan. 7 after raising $11B in a six-part sale in May, the most ever for an emerging market issuer.