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Reports On Bypassing Fiscal Rule Pressures Local Assets

BRAZIL
  • The government's new monthly social aid to the poorest will temporarily reach BRL400 ($72) per person, as President Jair Bolsonaro had pushed for, said two people with knowledge of the matter who asked not to be named because discussions are private. (BBG)
    • About BRL30b will be outside the spending cap rule this year, one of the people said -- Economy Ministry declined to comment
    • Newspaper Estado de S.Paulo had reported on the new amount to be paid earlier Tuesday, shortly before the market open.
  • The bypassing of the spending cap has spooked markets on Tuesday and has seen further pressure across the board. Despite the weaker dollar, USDBRL briefly matched the Oct. 13 highs at 5.5730, representing the highest level since April this year, while further pressure on swap rates is being seen across the DI curve.
  • USDBRL up 0.78% at 5.5548
  • Brazil DI Swaps:
    • 1-yr +10 bps at 7.49%
    • 2-yr +25 bps at 9.61%
    • 5-yr +28 bps at 10.74%
    • 10-yr +25 bps at 11.33%
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