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Brazil Inflation-Linked Bond Yields Fall at Weekly Auction

Brazil’s Treasury sold 2.5 billion reais ($1.2 billion) of inflation-linked notes offered at an auction today as bets for inflation to accelerate pushed down yields on the papers.

The Treasury sold all 1 million inflation-linked notes, known as NTN-B, offered today, according to a statement on the central bank’s website.

“There are expectations that inflation will increase with the climb in commodities,” said Alfredo Barbutti, an economist at Liquidez Dtvm Ltda., in a phone interview from Sao Paulo. “The market’s mood has changed from a few weeks ago after IPCA surprised on the upside.”

Consumer prices as measured by the IPCA-15 price index rose 0.33 percent in the month through July 13, exceeding the estimates of all 42 analysts surveyed by Bloomberg. The annual inflation rate accelerated for the first time in 10 months to 5.24 percent, the national statistics agency said in Rio de Janeiro July 20.

The government sold 752,500 NTN-B notes due 2018 worth a total 1.9 billion reais, yielding an average 3.67 percent. In its last auction that included inflation-linked bonds on July 10, the notes priced to yield 4.208 percent.

The Treasury sold 150,500 of NTN-B notes due 2016 worth a total 367 million reais today. The notes priced to yield an average 3.194 percent. That compares to a yield of 3.78 percent at last week’s auction.

The government also sold 96,950 NTN-B notes due 2022 worth a total 248 million reais today. The notes priced to yield an average 4.04 percent, according to the statement.

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