Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 1.030

-3.7%

Nov 7 9:30 AM EST

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To: Steve Fancy who wrote (7370)	9/2/1998 2:53:00 PM
From: Steve Fancy	Read Replies (6) of 22640

Brazil sells extra dlr-indexed notes at 11.79 pct Reuters, Wednesday, September 02, 1998 at 14:28 SAO PAULO, Sept 2 (Reuters) - Brazil's Central Bank on Wednesday sold 1.0 billion reais of special dollar-indexed notes in a move seen by dealers as a bid to calm the forex market amid global financial woes. The Central Bank said it sold the 13-month notes, known as NBC-Es, with a maximum annual yield of 11.79 percent plus the variation of the exchange rate in the period. The bank generally sells this type of debt at regular auctions on Thursdays, but it started selling extra batches since Russia began rattling Brazil's financial markets, forex dealers said. The sales were seen by the market as an attempt by the Central Bank to increase the supply of dollar-indexed paper in circulation amid fears of currency devaluations in some emerging market countries. The Central Bank last month allowed money raised through agricultural loans known as "63 Caipira" to be invested 100 percent in dollar-indexed notes to attract foreign capital. The bank needed to increase the supply of dollar-indexed notes in the market to complement this measure. The debt sold on Wednesday will come due on Dec. 12. Copyright 1998, Reuters News Service

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