The document discusses the financial challenges faced by Petroleo Brasileiro S.A. (Petrobras) in terms of its debt maturities and funding needs from 2016 to 2024. It highlights the potential need for government intervention, the role of state-owned and private banks, and the risks associated with refinancing in a low oil price environment. The analysis suggests a hold recommendation on bonds due in 2018 and 2019, and a steeper curve for bonds due beyond 2019 due to high refinancing needs and bondholder subordination risk.
doj/DataSet10/EFTA01378482.pdf
{"title":"Corporate Credit Analysis of Petroleo Brasileiro S.A.","key_people":["Deutsche Bank Securities Inc."],"document_date":"2015-10-07","document_type":"financial","key_locations":["Brazil"],"key_organizations":["Petroleo Brasileiro S.A.","Deutsche Bank Securities Inc."]}