Petrobras launches $11B bonds sale

Brazilian state-run oil giant Petróleo Brasileiro SA plans to sell $11 billion of bonds abroad, one of the largest ever bond issues by an emerging markets corporation, as part of an ambitious capital spending program under its 2013-2017 Business Plan. Petrobras said it will offer six separate dollar-denominated bonds, including fixed-rate bonds with maturities in 2016, 2019, 2023 and 2043. Two other tranches will feature floating rate notes due 2016 and 2019. Earlier this year, Petrobras Chief Financial Officer Almir Barbassa said that the company expects to raise about $20 billion in 2013 from debt issues and bank loans to fund the company's ambitious $237 billion multi-year investment plan.