Bloomberg News

Petrobras Said to Hire for Bonds Sold in Euros, Pounds

October 21, 2011

(Corrects list of banks in the second paragraph.)

Oct. 21 (Bloomberg) -- Petroleo Brasileiro SA, Latin America’s largest company by market value, plans to sell bonds denominated in euros and pounds, according to three people familiar with the matter.

The state-run oil producer, based in Rio de Janeiro, hired banks including Banco Bradesco SA, Deutsche Bank AG and Banco Santander SA to manage the bond offering, said the people, who asked not to be identified because the plans haven’t been announced publicly. The sale will take place when market conditions improve, the people said.

A Petrobras official declined to confirm or deny the bond plans when contacted by Bloomberg News.

Petrobras Chief Financial Officer Almir Barbassa said on Sept. 9 that Brazil’s top oil producer would consider “jumbo deals” in currencies other than the U.S. dollar.

“There is no hurry for us, we do not need to accept higher yields because we have $30 billion in cash,” Barbassa said.

--Editors: Adriana Arai, Telma Marotto

To contact the reporter on this story: Cristiane Lucchesi in Sao Paulo at clucchesi5@bloomberg.net

To contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net


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