By Kevin Allison and Neil Unmack The author is a Reuters Breakingviews columnist. The opinions expressed are his own. It would be hard for Brazil to let Petroleo Brasileiro go. The embattled oil company is hobbled by rising debt with bond yields pricing in a high degree of distress. The government of President Dilma Rousseff... Continue Reading →
Tax tangle arises as Brazil starts importing U.S. condensate
Petrobras' move to start buying processed U.S. condensate will help output at its domestic refining network, but the purchases have exposed a wrinkle in Brazilian law that could allow the state-run company to import the light oil duty-free, tax lawyers and traders said. Typically, condensate is considered a very light form of crude found in... Continue Reading →
Petrobras – 3rd Quarter 2015 Results Release Date
Petrobras - 3rd Quarter 2015 Results Release Date 10/27/2015 Rio de Janeiro, October 27th 2015 – Petróleo Brasileiro S.A. – Petrobras informs that it will release its 3rd Quarter 2015 results on November 12th, 2015, after the market is closed. Therefore, from October 29th to November 12th, the Company will be in quiet period, during... Continue Reading →
Billions in Cheap Loans Show Why Brazil’s Losing Inflation Fight
Brazil’s state development bank is making the nation’s fight against inflation even more difficult. BNDES -- whose $170 billion-plus loan portfolio is bigger than the World Bank’s -- has raised its key lending rate by two percentage points this year to 7 percent. The central bank’s benchmark Selic rate is at a nine-year high of... Continue Reading →
Brazil banks to extend Sete Brasil $3.6 bln repayment deadline -report
The five Brazilian banks owed $3.6 billion from Sete Brasil, a company set up to build offshore drill-rigs for state-led oil company Petroleo Brasileiro SA, will extend a repayment deadline into next year, the Estado de S.Paulo newspaper reported on Tuesday. The debt, owed to state-led Banco do Brasil SA and state-owned Caixa Economica Federal... Continue Reading →
Brazil Bull Who Got It Right in 2002 Says This Time No Different
The selloff punishing Brazilian markets in recent months isn’t fazing Jerome Booth. He’s seen it before and says just like then, it’s way overdone. Yes, Brazil has serious problems. The country’s “a mess,” he says, with a massive corruption investigation at state-run oil company Petroleo Brasileiro SA, a worsening fiscal outlook, the steepest recession in... Continue Reading →
Petrobras, Bond-Market Pariah, Suddenly Captivates Deutsche Bank
For much of the past year, Petroleo Brasileiro SA’s unrelenting rout has pushed down bond prices to new lows day after day. Now, Deutsche Bank AG is finally starting to see value in the state-controlled oil producer’s debt. The strategy is simple: buy its $3.35 billion of notes due in 2017 -- whose yields have more... Continue Reading →
Petrobras – Fitch reaffirms Petrobras’ global ratings
Petrobras - Fitch reaffirms Petrobras’ global ratings 10/15/2015 Rio de Janeiro, October 15th, 2015 – Petróleo Brasileiro S.A. – Petrobras informs that the rating agency Fitch has reaffirmed Petrobras’ global ratings at BBB-, with a negative outlook. Thus, Petrobras continues to be classified as an investment grade company for this agency. Fitch points out in... Continue Reading →
Brazil’s Real Weakens on Report Government Planning for Deficit
Brazil’s real weakened the most among major currencies on speculation the government will change this year’s budget target to show a deficit, highlighting its inability to shore up the country’s finances. Officials will revise this year’s budget target for the third time, forecasting a deficit excluding interest payments of 0.3 percent of gross domestic product, worse than the... Continue Reading →
Petrobras Said to Cancel Local Bond Sale Amid Weak Demand
Petroleo Brasileiro SA, the world’s biggest junk-rated borrower, canceled a plan to sell 3 billion reais ($790 million) of local bonds, according to a person familiar with the matter. Petrobras couldn’t raise as much as it wanted because of lackluster demand after the state-controlled oil producer’s credit rating was cut to junk by Standard &... Continue Reading →
