Petrobras trying to sell bonds with a 100 year trade time horizon might have seemed humorous at the time. The Brazilian state-run enterprise was mired in scandal and sharks, namely Bridgewater Associates, were starting to assess the systemic impact of the firm’s implosion upon the entire nation of Brazil. The most recent downgrade by S&P of the firms debt, making it the largest junk bond offerer in the world, is no joking matter, however. Perhaps the debate between Bridgewater Associates and the banks that wrote supportive notes has been settled, as Petrobras appears running out of options as is its host country of Brazil. Petrobras: more debt used to solve debt problem Efforts to paper over problems at Petrobras with more debt likely hit another speed bump today, as the anointed “king” in the $2 trillion junk bond market, with a whopping $56 billion... More