Adnoc's Scrapped Deal Spells End of Braskem Bond Rally [BNN Bloomberg (Canada)]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: BNN Bloomberg
The company's notes were some of the biggest decliners in both the US high-yield market and among Latin American corporates on Monday after news that the highly anticipated deal had unraveled. Dollar debt due 2030 — one of the company's most liquid — has continued to slide and was down almost 4 cents this week as of Wednesday morning. Novonor, which jointly owns Braskem with Brazilian oil giant Petrobras, has been trying to sell its stake for years. The troubled conglomerate — formerly known as Odebrecht — was at the center of Brazil's notorious Carwash corruption scandal, during which it had used its Braskem shares as collateral for debt that went unpaid. Prospects of a deal with Adnoc and expectations for better earnings have spurred a rally in Braskem's debt this year. Notes of Brazilian parent firm Braskem and Mexico's Braskem Idesa SAPI ranked within the top three performers among Latin American corporates in the first quarter. Now, the surprise collapse of talks with Adno
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