The short-end of the Petrobras bond curve, which faced the brunt of a recent sell-off, continued to strengthen on Monday and gave a solid boost to LatAm credit markets. The 2017s and 2019s issued by the Brazilian state-owned oil company were about 50bp tighter versus Friday, according to a New York based trader. Today's rally... Continue Reading →
Number of Brazil in-court reorganizations hit record in Jan-Sept
The number of requests for bankruptcy protection in Brazil soared to an all-time high in the first nine months as the steepest recession in a quarter century and rising borrowing costs hammered hundreds of small- and mid-sized firms, credit research company Serasa Experian said on Monday. The number of requests for court protection from creditors... Continue Reading →
Press release – S&P Lowers Ratings On OOG, Places Rtgs On Watch Neg
NEW YORK (Standard & Poor's) Oct. 2, 2015--Standard & Poor's Ratings Services said today it lowered its corporate credit and issue-level ratings on Odebrecht Oleo e Gas S.A. (OOG) to 'B' from 'BB-'. At the same time, we placed the ratings on CreditWatch with negative implications. In addition, we lowered the company's SACP to 'b-'... Continue Reading →
Fitch Downgrades Rio Oil Finance Trust Issuances; Outlook Negative – Press Release
The State of Rio de Janeiro Public Servants Pension Fund issued dollar obligations backed by future Oil Royalties due to the state of Rio that now have broken certain covenants and investors are retaining part of the royalties paid. Another victim of the Petrobras scandal and low oil production and prices. Fitch Ratings has downgraded... Continue Reading →
Petrobras – Clarification on news article: Reduction in Investment
Petrobras - Clarification on news article: Reduction in Investments 10/02/2015 Rio de Janeiro, October 2, 2015 – Petróleo Brasileiro S.A. – Petrobras hereby complies with LETTER BM&FBovespa 3015/2015-SAE, which requests the following clarification: LETTER BM&FBovespa 3015/2015-SAE “A news article published in the Valor Econômico newspaper on October 2, 2015 features, among other information, that this... Continue Reading →
Exxon, Chevron Outlooks Cut to Negative by S&P in Oil Slump
Exxon Mobil Corp. and Chevron Corp. were among several U.S. oil and natural gas producers that had their outlooks or ratings cut by Standard & Poor’s as the industry suffers from weak crude prices, hurting their cash flow and liquidity. S&P cut ratings for Chesapeake Energy Corp., Denbury Resources and Whiting Petroleum Corp., while giving... Continue Reading →
Petrobras to Cut Investments again for 2015
Petrobras will cut 2015 investments to U$20 billion, down from originally U$40 billion at the start of the year and revised down to U$29 billion at mid year, according to reputable newspaper reporting this Friday. Soaring dollar and the fall in the price of the barrel of oil are forcing Petrobras directors to review, once... Continue Reading →
Brazil surprises as rally extends
Brazilian bonds enjoyed a second day of higher prices Thursday, defying negative sentiment in the broader markets and turning a blind eye to the country's ugly fundamentals. Bonds were 1.5-4.0 points higher on the day in the wake of Wednesday's rally, which was sparked by news that oil company Petrobras would hike domestic fuel prices.... Continue Reading →
Petrobras bonds rally on hike in fuel prices
Wed Sep 30, 2015 3:06pm EDT Petrobras bonds rally on hike in fuel prices BY PAUL KILBY/Reuters NEW YORK, Sept 30 (IFR) - Bonds issued by troubled state-run Brazilian oil company Petrobras were enjoying a rare rally on Wednesday following news that it would raise local gasoline and diesel prices. Petrobras's debt prices jumped between... Continue Reading →
Brazil Currency Advances as Policy Makers Seek to Restore Calm
Brazil’s real rose after the government said it is ready to face any crisis while the central bank stepped up support for the currency following a rout that sent it to a record low last week. The real advanced 2 percent to 4.0283 per dollar at 3:50 p.m. in Sao Paulo after earlier falling as much... Continue Reading →
Brazil Energy Insight 