Brazil Canceling Debt Auctions Delays Longest Bond

Brazil has canceled the sale of its longest fixed-rate local bonds three times in the past month after Europe’s debt crisis eroded demand for less-traded assets.

The government received no bids it found acceptable for the 150 million reais ($81 million) of 10 percent notes due in 2021 offered yesterday. There’s 6 billion reais of the securities outstanding, less than 20 percent of the 34 billion-real average for the country’s six other fixed-rate notes, according to data compiled by Bloomberg.