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Petrobras bonds drop sharply after CEO resigns; EM debt broadly lower; Argentina down
By Rebecca Melvin
New York, June 1 – Petroleo Brasileiro SA’s bonds dropped on Friday after unexpected news that its chief executive officer resigned.
The slide extended a move lower in Petrobras’ bonds over the past few days as Brazilian leaders sought to respond to protests and a national truck drivers’ strike that crippled the country last week and into the weekend.
On Friday, Petrobras’ weakness weighed on the broader emerging markets debt market, a New York-based analyst said.
Petrobras’ 5¾% bond due 2029 printed late in the day at 87.255, which was off the lows seen with an 86 handle during the session but was still better than 2 points down from near 90 on Thursday. The move lower was on heavy volume and on top of a ½ point slip on Thursday and a ½ point slip on Wednesday for the 2029 bonds.
EM yields widened following Treasury yields.
Meanwhile, Argentina’s trio of issues that priced in January moved lower in trade on Friday.
The Argentina 4 5/8% note due 2023 was down to 91.155 from 92.073 on Thursday; the 5 7/8% notes due 2028 were down to 87.55 from 88.887 on Thursday; and the 6 7/8% notes due 2048 were down 1.5% to 82.566 from 84.137 on Thursday.
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