Picture the scene: facing a deteriorating balance sheet and needing to fund a huge capital expenditure programme, Petrobras’s CFO, Almir Barbassa, believes that an equity transaction is the only strategy available to lower the company’s leverage and retain its investment-grade rating. Barbassa is unsure of the best recapitalization structure to employ and, with a presidential election in the following year, there are obvious political issues facing the quasi-sovereign.
Barbassa tells Euromoney that in November more than 30 banks beat a path to the oil company’s Rio headquarters to present their ideas and views on market appetite.
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