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Brazil debt sale, buyback aim to cut borrowing costs, source says
October 23, 2013 / 11:22 AM / 4 years ago

Brazil debt sale, buyback aim to cut borrowing costs, source says

SAO PAULO, Oct 23 (Reuters) - Brazil’s plans to sell a minimum $500 million in new dollar-denominated debt due in January 2025 and repurchase up to $12.59 billion in global debt aims to lower borrowing costs, a source with direct knowledge of the transaction told Reuters on Wednesday.

The government has the option to repurchase the securities in a selective manner, said the source, who declined to be identified because the transaction is in the works. If necessary and convenient, the government would opt against buying back some of the maturities, repurchasing instead the ones that yield the biggest savings, the source added.

The government hired investment-banking firms HSBC Securities, Bradesco BBI and Deutsche Bank Securities to handle the transaction.

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