Brazil May Issue More Real-denominated Bonds

Following the success last week of its first ever local-currency bond issue to the international markets, Brazil has said it may consider launching another. The sovereign offered $1.5 billion of 10-year debt on 19 September to yield 12.75%. This compares with a yield of 15.5% on domestic local-currency debt maturing in 2012. The government has said that the launch of real-denominated bonds in the international market is part of a broader strategy to make the domestic market more accessible to foreign investors.