Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.990

-2.5%

Nov 4 3:59 PM EST

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To: Petrus who wrote (7511)	9/4/1998 2:36:00 PM
From: Steve Fancy	Read Replies (1) of 22640

Brazil sells dollar-indexed notes at 14.94 pct Reuters, Friday, September 04, 1998 at 14:28 SAO PAULO, Sept 4 (Reuters) - Brazil's Central Bank on Friday 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 16-month notes, known as NBC-Es, with a maximum annual yield of 14.94 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 Friday will come due on March 12. Copyright 1998, Reuters News Service

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