Petroamazonas issues bonds for $ 355 million

On February 16, Petroamazonas issued international bonds for $ 355.2 million in an operation led by Citi Group Global Markets Limited. The public company, which holds debts to private oil companies, allocated this amount to finance the “Investment project in financial infrastructure,” according to the March newsletter of the Ministry of Finance. The interest rate is 2% with a term of two years and one year of grace.

Santiago Mosquera, a professor at the USFQ Business School, explains that this issue has not been reported on the Bloomberg platform, thus, it is assumed that the bonds are non-negotiable and it is a private operation. Within the deadline, the total payment shall be made in the second year, with a monthly capital amortization, says Mosquera.

On the destination of the money, the Ministry of Finance reported yesterday “that these resources are not part of the General State Budget.”