Petrobras launches USD8.5bn six-part bond

Mon Mar 10, 2014 2:28pm EDT

NEW YORK, March 10 (IFR) - Petrobras has launched a USD8.5bn six-bond offering after generating a USD22bn plus order book.

The trade was launched as a USD1.6bn three-year fixed at Treasuries plus 250bp, USD1.4bn three-year FRN at 3mL+236bp, USD1.5bn six-year fixed at plus 330bp, USD500m six-year FRN at Libor plus 288bp, USD2.5bn 10-year at Treasuries plus 350bp, and USD1bn 30-year fixed at plus 360bp.

This comes after leads revised guidance to T+250-260bp on the 3-year fixed-rate tranche, 3mL+236-246bp on the 3-year FRN, T+330-340bp on the 6-year fixed, 3mL+288-298bp on the 6-year FRN, T+350-360bp on the 10-year fixed, and T+360-370bp on the 30-year fixed-rate tranche. Initial price thoughts were T+260bp, 3mL+246bp, T+340bp, 3mL+298bp, T+360bp and T+370bp, respectively.

Ratings are on the SEC registered deal are Baa1/BBB/BBB. Bookrunners are BOCHK, BB Securities, Bradesco BBI, Citigroup, HSBC and JPMorgan. Co-managers are Banca IMI S.p.A and Scotiabank.

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