Takeover ‘Suspense' Unnerves Mubadala's Refinery Bondholders [BNN Bloomberg (Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: BNN Bloomberg
The bonds, which have been dropping for the past two months, slumped after management failed to provide debtholders with major updates on the possible acquisition in an earnings call Sept. 30, people familiar with the matter said. It's a sharp pullback from a 30-cent rally seen in the past year on prospects of a purchase, which overshadowed weak earnings. The 2031 bonds have slipped about 8 cents in the last couple of months, to trade for 85 cents on the dollar, Trace data show. Yields have jumped to the highest since February. Petrobras, which previously operated the refinery — Mataripe, in northeastern Brazil — is still weighing the purchase, though its top executive said last month it wasn't a priority. “Some investors are simply trading the range,” said Roger Horn, a senior emerging-market strategist at Mariva Capital Markets. “The lower price band is looking at the credit on a standalone basis as a refiner credit in a weak market dynamic. When there's optimism for a deal t
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