Petrobras was certainly impressive in building a US$23bn order book for its US$8.5bn six-part bond issue on Monday, but weaker demand than in years past - not to mention higher concessions - underscored the challenges the Brazilian oil name faces as it tries to reverse its reputation as one of the world's most indebted companies. While demand was strong enough to ensure a bigger deal than initially targeted, according to one banker, the company is paying considerably more to access the liquid dollar market now than it had to last year, when it amassed a US$42.3bn order book for a US$11bn trade - an EM record.
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