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.

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