Brazil’s state-owned oil company Petrobras and Novonor (formerly Odebrecht) cancelled in “mutual agreement” its plans to sell its stake in Braskem. The announcement came after both companies declared that potential buyers did not meet expectations, without providing any further details on the matter. Petrobras and Novonor said “The volatile conditions in the financial and capital markets resulted at this time in demand and price levels not appropriate for the conclusion of the transaction.” The stake in Braskem was expected to be offloaded by February with estimates that the deal could be worth BRL 8.3bn ($1.47bn) for 20% of Braskem.

Petrobras’ USD bonds traded stable with its 5.229% 2025s at 106.832, yielding 2.89% while Braskem’s 4.5% 2030s traded at 102.25, yielding 4.17%.

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