Petrobras bondholders brace for more losses
New York
THE corruption scandal battering Petrobras has already cost bondholders US$4 billion. With the oil producer facing billions of dollars in writedowns, investors are bracing them-selves for even more pain.
Petroleo Brasileiro SA's US$41 billion of dollar-denominated debt has lost 10 per cent of its value since Nov 13, the day before the federal police said they found "strong evidence" that at least seven builders formed a cartel to win public contracts, including 59 billion reals (S$29 billion) in orders from the state-controlled oil company.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Pricey coffee is here to stay as hoarding, heat hit Vietnam supply
Oil settles higher as weak US economic growth offset by supply concerns
India's Vedanta misses Q4 profit estimates on lower prices
BHP targets Anglo American in bid valuing miner at US$39 billion
China's Sinopec charts global expansion with refinery in rival India's backyard
Gold trades in tight range as market focuses on US economic data