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Petrobras’ dollar bonds were trading weaker after Brazilian President Lula indicated that he was not in favor of the state-owned company’s focus on paying high dividends as compared to increasing investments. Petrobras is among the top dividend paying companies in the oil and gas industry with a dividend yield of about 15%. Given Lula’s commitment to reducing fuel/gas prices and increasing investments, he wanted Petrobras to help out Brazilian people instead of shareholders.
Petrobras’ 5.6% 2031s were down 0.4 points to 97.83, yielding 6%.
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