PBR sold $1.25 billion of new securities maturing in three years, with a yield of 3.051 percent and $1.75 billion in new five-year bonds with a yield of 3.628 percent, according to the company.
The company also sold $2.75 billion and $1.25 billion of existing notes due in 2021 and 2041, respectively. PBR will pay interest at 4.796 percent and 5.935 percent for the reopenings.
The funds now raised will be used by PBR to fund the company’s investment of $224.7 billion until 2015, the biggest in the oil industry in the world.
Brazilian companies are taking advantage of an excessive availability of money and a strong demand for emerging market debt from international investors. Since the year has started, they have sold about $13 billion in global bonds.
Last month, companies such as the three largest Brazilian banks – Itaú Unibanco (ITUB, quote), Bradesco (BBD, quote) and Santander Brasil (BSBR, quote) – and the mining giant Vale (VALE, quote) have issued debt abroad.