January 9, 2017 / 8:57 PM / a year ago

Brazil's Petrobras launches US$4bn two-part bond: lead

NEW YORK, Jan 9 (IFR) - Brazil’s Petrobras launched a US$4bn two-part bond on Monday as the debt laden company sought to term out up to US$2bn in existing debt.

The state-owned oil entity set final yields of 6.125% on a US$2bn five-year and 7.375% on US$2bn 10-year after combined order books reached over US$20bn earlier in the day.

Pricing comes at the tight of guidance of 6.25% area (+/- 0.125bp) on the shorter-dated bond and 7.50% area (+/- 0.125%) on the long-dated tranche.

The deal is set to price later on Monday. Bradesco, Citigroup, HSBC, Itau and Morgan Stanley are acting as leads. Expected ratings on the SEC-registered notes are B2/B+ (stable/negative). (Reporting By Paul Kilby; editing by Shankar Ramakrishnan)

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