(Bloomberg) -- Brazil’s state-controlled oil producer Petroleo Brasileiro SA tapped global bond markets to borrow $1 billion, joining a wave of sales by other emerging-market companies and governments.

Petrobras sold dollar-denominated notes due in 2035, according to people familiar with the matter, who asked not to be identified because they’re not authorized to speak publicly. The yield was 6.25%, down from initial price talk of around 6.5%, the people said.

“The risk reward seems lopsided,” as spreads have been too low on Petrobras, said Eduardo Ordonez, a debt portfolio manager at BI Asset Management in Copenhagen. “Sure, it can be stable carry but you are exposed to political headlines and a more aggressive capex policy.”

The notes are unsecured obligations of Petrobras Global Finance and will be fully guaranteed by the company, according to a statement. The proceeds will be used to repurchase tender notes and for general corporate purposes. Together with the debt sale, Petrobras also announced a cash tender offer.

S&P Global Ratings assigned a “BB” rating to the notes.

Petrobras’ last dollar bond sale was in June 2023, when the Rio de Janeiro-based oil producer sold $1.25 billion of debt due in 2033.

Petrobras joins several other Brazilian corporates that recently announced sales in global markets. The board of Centrais Eletricas Brasileiras SA, known as Eletrobras, this week approved the issuance of bonds abroad, while Suzano SA mandated banks for investor calls on a potential Renminbi issuance. More broadly in emerging-markets, Uruguay announced Tuesday that it’s selling dollar bonds and Hungary is offering yen-denominated bonds for the first time since 2022.

(Updates with details of sale in headline and second paragraph.)