Petrobras Bonds Decline With Builders Amid Graft Probe
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Bonds of Brazilian construction companies slumped as authorities investigated allegations of corruption involving contracts signed with state-owned oil producer Petroleo Brasileiro SA.
Police issued 27 arrest warrants including top executives from builders Camargo Correa SA, Mendes Junior Engenharia SA and Construtora OAS Ltda. and undertook 11 searches at the offices of companies including Odebrecht SA and Queiroz Galvao SA, according to police and judiciary statements. Offices of Galvao Engenharia SA and UTC Engenharia SA were searched, according to the statements.