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Budget Deal Relieves Short Term Pressure, Focus Turns To Covid Probe

BRAZIL
  • Brazil's Congress approved a bill allowing the government to exclude part of public spending to fight the pandemic from the 2021 fiscal target. According to Estadao, 125 billion reais will be outside the ceiling and fiscal target in the agreement.
    • Proposal helps to solve a stalemate between government and Congress over 2021 budget bill, which needs to be signed by President Bolsonaro by Thursday.
    • Bill opens room for the government to recreate a job preservation program and to give financial support to micro and small companies affected by the pandemic.
  • Various reports throughout yesterday's session hinted towards a deal being done. This combined with firmer oil prices and the weak dollar kept the Real on the front foot, closing up 1%. The DI curve closed bull flatter with swap rates falling around 15 basis points in the long end.
  • Separately, Senate President Rodrigo Pacheco announced that the congressional probe into the government's response to the pandemic will start after the April 21 holiday, possibly on Thursday or at the beginning of next week.
  • Today:
    • Brazil March Tax Collections – Survey 119.1B Reais vs 127.7B Reais Prior.
    • Treasury auctions inflation-linked NTN-B local notes due 2026, 2030 and 2055.
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