Buy Brazil CDS costs 3.96% 3 EFTA_R1_00122967 EFTA01792266 The =et is that spreads tighten (see green chart below). Source: Bloomberg 3/23/16 Syr Petrobras & Syr Brazil CDS: Buy =nbsp; Buy CDS =rotection Bond: PETBRA 5%e =1/27/21 Contract: Brazil Syr CDS Issuer: PETROBRAS GLOBAL =INANCE Underlying =ss

razil CDS costs 3.9=% The bet is that spreads =ighten (see green chart below). </=pan> EFTA_R1_01577231 EFTA02467912 Source: Bloomberg 31=3/16 Syr Petrobras & Syr Brazil CDS: Buy Buy CDS Protection Bond: PETBRA 5 4 01/27/21 Contract: Brazil Syr CDS Issuer: PETROBRAS GLOBAL FINANCE Underlying Issuer: F