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Bank of Montreal ZC SP ETN REDEEM 25/03/2039 USD 50 - Ser E YGRN
The creaming curve for lease sales in Brazil looks like it is turning towards the asymptote overall.
The average take-up of offers has remained high, which suggests APB, the Brazilian authority in charge, is discerning about what it offers.
Production jumped in late 2019 but has struggled to maintain a plateau since then as FPSO start-ups have become sparser while the Campos Basin decline continued apace.