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Congress May Remove Court-Ordered Payments From Spending Cap

BRAZIL
  • Unchanged session for BRL yesterday, unable to capitalise on the bounce back in commodities/risk, but a notable shift higher in local swap rates with the curve rising by between 15-29 basis points.
  • Political uncertainty continues to linger in the background following Globo reports that President Bolsonaro submitted an official request to the Senate to impeach Alexandre de Moraes, a justice on the country's Supreme Federal Court.
    • Senate president Rodrigo Pacheco said he will analyze the petition, but added he doesn't see technical, legal nor political fundamentals to impeach a Supreme Court justice.
    • However, should the Senate begin an impeachment trial, it would likely trigger a larger political crisis in Brazil.
  • Congress may remove court-ordered payment rules known as "precatorios" from the spending cap, according to Brazil Economy Minister Paulo Guedes, who said the government would comply, in remarks made in a webcast.
    • Govt presented a request for a constitutional amendment to change the law on precatorios and allow for payments in instalments.
    • Govt request of constitutional amendment on precatorios is not irresponsibility, Guedes said; states and municipalities already pay court orders in instalments.
  • Separately, Valor Economico reported Guedes will try to reassure the market by sending 2022 Budget to Congress.
  • *Treasury auctions inflation-linked NTN-B local notes due 2026, 2030 and 2055 on Tuesday.
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