For those interested in the Petrobras offering, my understanding is the following. The secondary offering is greater than $70 billion but the majority is going to the Brazilian government, leaving roughly $30 billion for the public. Bids are due today and allocations will be known Thursday night.
I will be out tomorrow and Friday and will return Monday. I am leaving in a limit order to take off a portion of my hedges in case we do get a large swoon. Have a great weekend.
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