Brazil Trims Sale

Brazil sold €300 million ($365 million) of euro-denominated bonds yesterday, Monday, less than the €500 million originally mooted. The 2015 bonds, which were issued as an extension of an original €500 million offering made in January 2005, were sold to yield 5.45%. Analysts believe market fatigue may have caused the offering to be trimmed; January saw bumper issuance of emerging market paper.