NEW YORK, Sept 21 (IFR) - Bonds of Brazilian telecom company Oi dropped by 10 points on Monday after a local paper said the company had hired Rothschild as an advisor to restructure its debt - which Oi denied.
Oi said in a statement that it had hired NM Rothschild & Sons (Brasil) to optimize resources from the sale of PT Portugal SGPS with the aim of improving its debt profile.
“We are not discussing any kind of restructuring,” it said in an email to IFR, denying the report in Veja.
Oi’s 2020s were quoted earlier today at 64.5-66.5 and the 2022s were spotted at 53-55, both down 10 points from Friday’s close, according to a corporate bond trader in New York.
“You can’t go against everything that’s going on in Brazil these days,” said the trader. “People are shooting first and asking questions later.” (Reporting by Davide Scigliuzzo; Editing by Paul Kilby and Marc Carnegie)