Brazil’s state-owned oil company Petrobras has been linked to the country’s endemic corruption in recent years. But for one investor, the simple numbers of investing in the firm win out.

Myles Bradshaw, head of global aggregate fixed income at Amundi, told CNBC that Petrobras’ bond valuation was attractive. Currently, Brazilian 30-year paper yields roughly 5 percent, while a 5-year bond in Petrobras yields roughly 7.5 percent. Given that Petrobras is a majority state-owned company, both carry a similar amount of risk.

Bradshaw was positive about how the company was dealing with its liquidity, debt swaps and long-term issue, adding that in the future, Petrobras’ break even oil price was in the low 50s.

But Jim McCaughan, CEO of Principle Global Investors, was more cautious, arguing that “it’s not just the oil price,” which could lead to negative views on the company. “Petrobras is tied into quite high cost production” which is “stuck at $90 per barrel,” far higher than that of its U.S. counterparts, he said.

Bradshaw added that Petrobras “is a tool partly of public policy,” and “when you’re investing in Petrobras you’re also investing in the Brazilian state.”

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