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BRASILIA: The Brazilian government announced it will sell a 10-year dollar-denominated bond while buying back bonds of ten different maturities on Tuesday, as part of efforts to refinance debt.

Bookrunners Deutsche Bank, Itau BBA and Santander expect to price the deal later in the day, the Brazilian Treasury said.

Brazil set a final spread of 235 basis points over US Treasuries on the new 10-year bond to be sold, according to Thomson Reuters' IFR. The bonds being bought back, worth nearly $12 billion in total, have maturities ranging between 2019 and 2030.

It is the second foreign issuance by Brazil this year. Treasury officials have said that while Brazil did not need to raise fresh money to cover financial needs, it could take advantage of favorable market conditions to make debt management more efficient.

Brazil's five-year credit default swaps were near 22-month lows on Tuesday at 187 basis points, according to financial data provider IHS Markit.

 

Copyright Reuters, 2017