Brazil's Companhia Petrolifera Marlim is in the market with the fifth issuance from its promissory notes program. The current offering consists of R600 million ($331 million) in oil-backed notes. Banco Chase Manhattan is the arranger for the deal, which was rated A-minus on the local scale by Standard & Poor's.

The Real-denominated notes mature after 180 days and the proceeds will be used to roll over maturing promissory notes and finance expansion of the production of the Campo de Marlim field.

"Marlim's projects are long term and yet they are issuing short-term paper" said Michael Gorelick, analyst with S&P in New York. "The rea

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