By Mike Gambale and Paul Kilby
NEW YORK, May 17 (IFR) – Brazil’s Petrobras Global Finance is looking to sell a two-part US dollar benchmark bond on Tuesday, the first international issue from a Brazilian corporate since June last year.
Active bookrunners BB Securities, JP Morgan, Bank of America Merrill Lynch and Santander set initial price thoughts on a five-year at 9% area and 9.25% area on a 10-year, one of the banks leading the deal told IFR.
It is expected to price Tuesday.
Bankers see an opportunity for the country’s borrowers to come to the bond market after a strong rally in spreads – and Petrobras was top of their list.
The state-controlled oil company will use proceeds to fund a liability management transaction. The SEC-registered deal is rated B3/B+/BB. (Reporting by Mike Gambale and Paul Kilby; Writing by Natalie Harrison; Editing by Marc Carnegie)