are yielding —10% 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 =I