What Does This Enormous Options Trade Mean for PBR?

Options

About as big of an options trade as you’ll ever see hit the tape last week in Petrobras Brasileiro (PBR).  This trade appears to be a put spread executed 150,000 times, expiring in October.  The trader spent about $12 million in premiums to buy the put spread. This position may be a hedge for an investor with a large stock holding, or it may be a pure downside bet.

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