São Paulo – Petrobras raised US$ 11 billion with the issue of bills abroad on Monday (13). According to information disclosed by Reuters, this was the main bond issue by a company in Latin America. Previously, the result belonged to the Venezuelan PDVSA, which had issued US$ 7.5 billion in 2007. The funds obtained by Petrobras will be used to finance investment.
The Brazilian oil company hoped to raise at least US$ 5 billion with the issue of bills abroad. Although the total sold was US$ 11 billion, there was demand for US$ 50 billion. The total raised is more than half the US$ 20 billion the company hopes to obtain this year to cover investment. The company has a US$ 237 billion investment plan by 2017.
On Tuesday (14), Petrobras president Maria das Graças Foster stated, in an audience at the Federal Senate, that the value raised by the company shows that investors trust in the company. “The success shows the confidence that the capital markets has in our portfolio, of what we will do by 2017, and fundamentally shows the confidence of the capital markets in Brazil,” said the executive.
Results
According to the press statement sent by Petrobras to Brazil’s Securities and Exchange Commission (CVM), US$ 1.25 billion in bills with fixed rates of 2.144%, mature in three year, were sold. Another US$ 2 billion with a fixed interest rate of 3.125% and maturity in 2019, US$ 3.5 billion at 4.75% interest and maturity in ten years, and US$ 1.75 billion in bills maturing in 30 years and at interest of 5.764% were also sold. Among the papers with variable interest, US$ 1 billion in bills were sold maturing in three years and US$ 1.5 billion with maturity in six years.
The company has presented quarterly results below those expected by the market in recent balance sheets. From January to March this year, the company had profit of R$ 7.693 billion, or 17% less than in the first quarter of 2012. Last year, the net profit was R$ 21.18 billion, or 36% less than in 2011.
At 14:51 of Tuesday (14), Petrobras preferred shares were traded at R$19.60 (US$ 9.80), up 1.08% on the São Paulo Stock Exchange (Bovespa). Ordinary shares were traded at R$ 18.79 (US$ 9.40), up 0.21%.
*Translated by Mark Ament
