Brazil’s oil company Petrobras reported a net profit of $220.2mn in 1Q2021, partially reversing its losses of $9.16mn a year earlier. The company recorded that profits were down 98.1% compared to its record 4Q2020 profits of $11.3bn. Petrobras attributed the positive results of this first quarter to the price increase in Brent-type oil. Meanwhile, the drop in earnings compared to the prior quarter was due to the impact of the Real’s depreciation vs. USD. “Petrobras will maintain a trajectory of generating value for its shareholders with a management based on transparency, dialogue and rationality, and with investments concentrated in assets in which we are known as world leaders”, said Petrobras’ CEO Silva e Luna. Petrobras added that their divestment plan saw its gross debt fall 20.5% YoY from $89.24bn to $70.97bn.

Petrobras’ USD bonds were stable. Its 7.375% 2027s at 121.375, yielding 3.22%.

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