Financial Markets…Brazilian state-run oil company Petrobras sold $8.5 billion of international bonds yesterday, as the company continued to raise funds for its massive investment plan (some $221 billion over the next five years). The transaction comprised of six tranches with four different maturities. Petrobras’ bonds accounted for 40% of total bonds sold by Latin American sovereign and corporate borrowers thus far this year. The company also issued record-breaking $11 billion worth of debt last May.
Financial Markets… Spanish and Italian 10-year borrowing costs touched multi-years lows on Wednesday as the latest surveys showed the euro-area services and manufacturing grew more-than-expected in February, boosting demand for the region’s high-yielding bonds. Spain’s 10-year bond yield fell as much as 9 basis points to 3.35%, the lowest level since October 2005. Improving creditworthiness of the two countries drove their 10-year government bond yields to below 4% this year for the first time since 2010.
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