Petrobras reportedly to sell local debt in wake of Vale deal

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

Petrobras (PBR -0.4%) reportedly is considering the sale of ~3B reais ($1.26B) in Brazilian notes to fund infrastructure projects, helping it tap investors beyond its traditional base.

PBR, which has not sold senior debt in the domestic market in 12 years, is said to be discussing with banks how to place an offering of infrastructure debentures.

PBR would be following in the footsteps of Vale (VALE), which last month raised 1B reais in a similar transaction; the robust demand allowed Vale to borrow at costs below those available to Brazil's federal government.