Caixa extracts US$1.9bn on Petrobras selldown

摘要

In an endorsement of a promised turnaround, Brazil's petrobras finalised a R$7.3bn (US$1.9bn) all-secondary stock sale on behalf of caixa economica federal, the latest in a series of ECM monetisations by the Brazilian state bank expected this year. Though the integrated E&P did not raise any money, Petrobras management conducted extensive two-week marketing to outline progress on planned asset sales and operational efficiencies targeted at debt reduction and profitability.