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Brazil to Sell Dollar Debt as Yields Fall to Seven-Month Low

Brazil is planning to sell $500 million more of its 4.875 percent bonds due 2021 as it seeks to take advantage of the lowest borrowing costs in seven months.

The securities, which may be sold as soon as today, will yield 105 basis points more than similar-maturity U.S. Treasuries, according to a person familiar with the transaction. Brazil hired Goldman Sachs Group Inc. and Banco Santander SA to manage the sale, said the person, who asked not to be identified because terms aren’t set.

Brazil’s government is selling dollar bonds overseas for the first time since September as it cuts spending and raises interest rates to contain inflation following the fastest economic growth in two decades. The yield on the country’s 4.875 percent notes due in 2021 has tumbled 51 basis points, or 0.51 percentage point, this year to 4.1 percent, according to data compiled by Bloomberg. The bonds fell to 3.99 percent on June 24, the lowest since November.

Brazil was upgraded to Baa2, the second-lowest investment grade, from Baa3 by Moody’s Investors Service last month, following a boost by Fitch Ratings in April. Fitch rates Latin America’s largest economy an equivalent BBB.

The offer follows Latin American sovereign dollar debt sales earlier this year from Colombia and Mexico. Brazilian companies have sold $29.5 billion of bonds this year, and are on pace to surpass last year’s record issuance, Bloomberg data show.

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