EFTA02510387.pdf

From: Daniel Sabba Sent: Thursday, March 12, 2015 6:03 PM To: jeevacation@gmail.com' Cc: Vahe Stepanian; Ariane Dwyer Subject: Fw: Fwd: [/]PETBRA UPDATE:Levy does not like directly support to Petbra Classification: Public Original Message From: Isin Sumengen-Ziel (DEUTSCHE BANK AG, LO) Sent: Thursday, March 12, 2015 01:39 PM To: Daniel Sabba Subject: Fwd: ViPETBRA UPDATE:Levy does not like directly support to Petbr= Sent From Bloomberg Mobile MSG ---- Original Message ---- From: DIEGO FERNANDEZ, DEUTSCHE BANK SECURI At: 3/12/2015 17:34 [/JPETBRA UPDATE: Finance Minister Joaquim Levy ruled out the possibility o= Brazil's Treasury guaranteeing a bond backed by about BRL9bn owed to Petr=bras by Eletrobras, according to Bloomberg. We view this as qualitatively =egative for PETBRA, as it indicates to us that the Brazilian government is=not willing to directly support the company until it becomes unavoidable. =his brings downside to investments, and hence to production growth and cre=it ratings prospects. PETBRA 3.2517 640/625 PETBRA 3.5017 640/625 PETBRA 5.875 18 610/595 PETBRA 7.875 19 575/560 PETBRA 4.875 20 585/575 PETBRA 5.75 20 600/585 PETBRA 21 590/580 PETBRA 23 500/490 PETBRA 24 528/520 PETBRA 40 527/517 PETBRA 41527/517 PETBRA 43 480/470 PETBRA 44 527/517 1 EFTA_R1_01642072 EFTA02510387 This has been prepared solely for informational purposes. It is not an offe=, recommendation or solicitation to buy or sell, nor is it an official con=irmation of terms. It is based on information generally available to the p=blic from sources believed to be reliable. No representation is made that =t is accurate or complete or that any returns indicated will be achieved. =hanges to assumptions may have a material impact on any returns detailed. =ast performance is not indicative of future returns. Price and availabilit= are subject to change without notice. Additional information is available=upon request. This communication may contain confidential and/or privileged information. =f you are not the intended recipient (or have received this communication =n error) please notify the sender immediately and destroy this communicati=n. Any unauthorized copying, disclosure or distribution of the material in=this communication is strictly forbidden. Deutsche Bank does not render legal or tax advice, and the information cont=ined in this communication should not be regarded as such. <?xml version=.0" encoding=TF-8"?> <!DOCTYPE plist PUBLIC "-//Apple//DTD PLIST 1.0//EN" "http://www.apple.com/DTDs/PropertyList-1.O.dtd"> <plist version=.0"> <dict> <key>conversation-id</key> <integer>122714</integer> <key>date-last-viewed</key> <integer>0</integer> <key>date-received</key> <integer>1426183368</integer> <key>flags</key> <integer>8590195713</integer> <key>gmail-label-ids</key> <array> <integer>6</integer> <integer>2</integer> </array> <key>remote-id</key> <string>488754</string> </dict> </plist> 2 EFTA_R1_01642073 EFTA02510388