Grupo BTG Pactual SA plunged Monday after Brazilian billionaire Andre Esteves was jailed indefinitely and resigned all of his posts at the firm he helped build. The bank’s leaders spent the weekend in emergency talks to sell assets and acquire his controlling stake.
Shares tumbled as much as 14 percent in Sao Paulo, extending the drop since Esteves was arrested to 34 percent. Yields on the bank’s $1 billion in bonds due 2020, its most liquid dollar-denominated notes, dropped 0.1 percentage points to 11.66 percent as of 12:11 p.m. in Sao Paulo, after having peaked at 12.32 percent on the day of the arrest. The notes advanced 0.3 cents to 75.49 cents on the dollar.
Brazil Energy Insight 
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