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USDBRL Gravitates Toward 5.00 Handle, Strong Demand For USD Bond Issue

BRAZIL
  • In contrast to its Mexican counterpart, the Brazilian real continues to trade in a resilient manner and USDBRL has been gravitating towards the notable pivot support at the 5.00 handle. Little news is expected as Planning Minister Simone Tebet said Tuesday that the bill which creates Brazil’s new fiscal framework would be sent to Congress on April 11.
  • Brazil joined other developing nations in selling dollar bonds on Wednesday, its first test of global debt markets since 2021.
  • Brazil priced $2.25 billion in bonds due 2033 to yield 6.15%, lower than the initial price talk of between 6.5% and 6.625%. Strong demand, which reached as much as $8.5 billion on initial talks, led the government to bump up the sale from an original plan of $1.5 billion, a person with knowledge of the matter said.
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