Greater Fools Alert: 100-Year Petrobras Bonds Plunge To 70 Cents

Remember June – when everything was (apparently) awesome in BRIC-land and somehow a large group of duration-seeking greater-fools used Other-People’s-Money to buy Petrobras bonds that mature in 100 years! Well thosebonds are now trading less than 70c on the dollar (with yields pushing 10%) as Brazil’s state-run oil company Petrobras, which slashed its five-year spending […]
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