NEW YORK, May 17 (IFR) - Books on Petrobras's bond were nearing US$20bn on Tuesday as the state-owned oil company approached investors with the first international deal from a Brazilian corporate since June.
Strong demand allowed the borrower to squeeze guidance to 8.75% area on a five-year and 9.125% area on a 10-year.
That is tight to initial price thoughts of 9% and 9.25% area, respectively.
Active bookrunners BB Securities, JP Morgan, Bank of America Merrill Lynch and Santander are expected to price the bond on Tuesday. (Reporting By Paul Kilby; editing by Shankar Ramakrishnan)