Petroleo Brasileiro S.A. - Petrobras (PBR)

[Timothy Smith]

The bonds were sold at a rate of 8.45% and attracted ~$13B in orders from investors, WSJ reports; in comparison, a 30-year U.S. Treasury bond yields 2.94%, and a Mexican government bond that matures in 2110 recently traded at a yield of 5.52%.

Such lengthy bond issuance is typically seen from very highly-rated institutions, but PBR carries a junk rating from Moody’s and is rated just above junk by S&P and Fitch.