The expression “riche comme un Argentin” was popular in Paris a century ago, when Argentina was one of the world’s 10 wealthiest countries. Today the phrase could be reworked to “rich as a Brazilian”, given last week’s share offering by Petrobras – the world’s biggest ever. At $67bn, the state-controlled oil company raised a sum roughly equivalent to the annual economic output of a reasonably-sized country such as Iraq. And, as President Luiz Inácio Lula da Silva crowed (if not entirely accurately), it all took place in S?o Paulo.

This projection of financial might comes just a week before the presidential election. That is handy but not decisive for Dilma Rousseff, given that the former Petrobras chairwoman and Mr Lula da Silva’s anointed successor is expected to romp home anyway. Globally, though, Petrobras’ offering is more than just a big deal. It is a marker of Brazil’s growing international financial presence.

Giant companies such as Odebrecht have long been active abroad, but mostly in Latin America. Globally, lusophone corporate imperialism is better known via the likes of Vale and JBS, the world’s largest meat producing group. Brazilian banks, such as Itaú-Unibanco, the world’s eighth biggest by market capitalisation, have followed such clients abroad. All are known dealmakers, and globally active issuers of equity and debt.