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Government Sells $2bn Of 7-yr Sustainability Bonds

BRAZIL
  • The government sold $2bn of seven-year sustainability bonds at a yield of 6.375% yesterday, down from IPT in the 6.625% area. The bonds will be used to repay public debt and to finance projects under the government’s sustainability framework. The government previously sold $4.5bn of dollar bonds in January. Last month, Treasury Secretary Rogerio Ceron said that the government plans to issue notes, both regular and ESG, at least twice a year.
  • After opening lower yesterday following the Copom’s unanimous decision to keep its Selic rate unchanged, USDBRL closed 0.28% higher as President Lula’s comments about high interest rates weighed on the real. USDBRL bulls remain in the driver’s seat with attention on 5.5296, the Nov 17 2022 high. On the downside, initial support to watch lies at 5.327, the 20-day EMA.
  • No macro data are due today, with focus turning to next week’s Copom minutes and BCB quarterly inflation report, as well as mid-month IPCA inflation data. Meanwhile, Finance Minister Haddad is due to meet with Braskem CEO Roberto Bischoff in Sao Paulo at 1400BST(0900ET).
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