Petrobras sold the 6.85% bonds due in June 2115 at 81.07% of face value to yield 8.45%, Reuters reported.
Because of the discount, Petrobras raised about $2.03 billion in the sale.
While the sale shows that investors are still willing to loan money to the company after a price-fixing, bribery and political kick-back scandal led to about $17 billion in write-downs, investors are demanding higher returns from the Rio de Janeiro-based company despite low international interest rates.
Petrobras sold $1.8 billion of 5.625% 30-year bonds in May 2013 to yield 7.3%; it was borrowing similar amounts in dollars for less than 4% as recently as 2012.
Deutsche Bank and JP Morgan managed the sale.
Petrobras has turned increasingly to China’s banks for financing and signed $7 billion-worth in loans during the visit to Brasilia by Chinese Premier Li Keqiang last month.
Earlier on Monday, the company said it finalised a five-year export financing loan of 3 billion reais ($945.3 million) for its unit Petrobras Distribuidora SA from Brazil’s second largest private sector bank Banco Bradesco SA.
Petrobras is the world’s third most indebted non financial company.