{"id":50570,"date":"2015-11-10T08:44:02","date_gmt":"2015-11-10T13:44:02","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=50570"},"modified":"2015-11-10T08:44:02","modified_gmt":"2015-11-10T13:44:02","slug":"largest-brazilian-hedge-fund-adding-pbr-debt-while-issuing-cautious-statement","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/11\/2015\/largest-brazilian-hedge-fund-adding-pbr-debt-while-issuing-cautious-statement.html","title":{"rendered":"Largest Brazilian Hedge Fund Adding PBR Debt While Issuing Cautious Statement"},"content":{"rendered":"<p>New York (HedgeCo.net) \u2013 Verde Asset Management, the largest hedge fund in Brazil with approximately $7.9 billion in assets, has been adding to its holdings of Petroleo Brasileiro (NYSE: PBR) debt, but is issuing cautious statements about the state-controlled oil company at the same time. <\/p>\n<p>In a letter to investors issued on Monday, Verde stated that they had started adding to a net-long position in bonds of Petrobras back in September as they felt like a fall in prices and rise in yields were overdone. The yield on the March 2024 6.25% bonds has surged in recent months, rising from 8.15% to 9.75% from the end of August through the end of September. <\/p>\n<p>The yield peaked at the end of September, but even the short-term bullish outlook on the price of the bonds came as investors fled the bonds due to a corruption scandal. Even as the bonds have rallied in October, Verde stated, &#8220;In spite of that, the company still continues to spark worries, especially because of the highest leverage of its balance sheet,&#8221; the letter said, referring to Petrobras. &#8220;The solution isn&#8217;t simple or easy, but we do not see there is the necessary urgency to deal with it.&#8221;<\/p>\n<p>Rick Pendergraft<br \/>\nResearch Analyst<br \/>\nHedgeCoVest<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York (HedgeCo.net) \u2013 Verde Asset Management, the largest hedge fund in Brazil with approximately $7.9 billion in assets, has been adding to its holdings of Petroleo Brasileiro (NYSE: PBR) debt, but is issuing cautious statements about the state-controlled oil [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,3,16048],"tags":[],"class_list":["post-50570","post","type-post","status-publish","format-standard","hentry","category-hedgeco-networks-press-releases","category-hedgeco-news","category-hedgecovest-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/50570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=50570"}],"version-history":[{"count":1,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/50570\/revisions"}],"predecessor-version":[{"id":50571,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/50570\/revisions\/50571"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=50570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=50570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=50570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}