Well the good news for the day is that the Petrobras offering in over-subscribed.

Petrobras is planning to sell as many as 2.718 billion common shares and 1.983 billion preferred shares. The government is buying about $42.5 billion-worth of stock in return for the right to develop about 5 billion barrels of reserves.

This is a huge deal that had the potential to clog offering pipeline. The Petrobras sale would amount to more than 20 percent of the value of all equity offerings already completed in 2010 and be more than three times the record $22.1 billion raised by Agricultural Bank of China in July, according to Bloomberg's IPO database.

Over the next few days, we'll see whether these shares remain in long term portfolios or not.

For mow this creates a positive environment for other offerings.