EFTA Document EFTA01380756

Deutsche Bank Markets Research Emerging Markets Brazil Corporate Credit Energy Petroleo Brasileiro S.A. Buy the '17s; Rest of Curve Is Neither Steep Nor Low-priced Enough * Capex and apex cuts as well as domestic price increases are positive but not enough to significantly mitigate the large funding gap This week's announcement of capex and opex cuts for 2015 and 2016 and last week's domestic fuel price increases are positive news for Petrobras, but we remain concerned with the com