Brazilian state-run oil company Petrobras on Monday night concluded issuance of $2 billion in overseas bonds, the company said in a statement. The company sold $1 billion in bonds due in 2025 at a yield of 5.3% and $1 billion in 2028 bonds at a yield of 6.0%. The yields were the lowest obtained by Petrobras since a financial and corruption crisis erupted in 2014. The company said it will use proceeds from the bond sale to pay down shorter-term, higher-yielding debt. The company holds some $85 billion in debt. Market sources said the sale showed the company’s increasing ability to sell long-term bonds at reasonable yields, demonstrating rising investor confidence in Petrobras.
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