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Brazil to Sell Up to $1 Billion in Swaps for Second Straight Day

Brazil’s central bank today will auction as much as $1 billion in foreign exchange swaps to extend maturities on contracts that expire next month, matching a similar sale carried out yesterday.

The central bank at 2:30 p.m. local time will auction as much as 20,000 foreign exchange swaps, the central bank said in a statement yesterday e-mailed by its press office. The bank yesterday afternoon sold 20,000 swaps for $988 million in the first of three potential auctions it can hold to roll over a total of $8.9 billion in swaps that mature Nov. 1.

The bank said last week that it would study demand for selling the swaps on Oct. 22, 23 and 24. The amount to be offered today shows the central bank will probably offer the same amount on Oct. 24 rather than auctioning all swaps that mature, according to Pedro Tuesta, senior Latin America economist at 4Cast Ltd.

“The market understands the central bank wants the currency more or less where it is, going up and down between 2.15 and 2.20” per dollar, Tuesta said by phone. “It’s not like the bank is refusing to offer any hedge, it’s just that the bank is finding there’s not so much demand anymore.”

The real has appreciated 12 percent since Aug. 22 when the central bank announced a separate, $60 billion program of currency swaps and credit line auctions. The real rose 0.1 percent to 2.1723 per dollar yesterday, after reaching 2.1523 per dollar on Oct. 17, the highest level since June 14.

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