Petroleos Brasileiros SA (Petrobras), Brazil's state-owned oil giant, is chugging along with it's $750 million oil-backed future flow transaction, scheduled to close in October.

While Petrobras has been a fair market issuer, this deal will mark the first-ever future-flow for the company. The deal is expected to have a wrap from triple-A guarantor. Citibank is structuring the deal and Salomon Smith Barney is the underwriter.

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