Brazil Swap Rates Surge After Central Bank Signal

Brazil’s swap rates rose the most in three months as the central bank signaled it will extend the world’s biggest increases in borrowing costs after a surprise quickening of inflation last year.

Swap rates on contracts maturing in January 2015 climbed 19 basis points, or 0.19 percentage point, to 10.93 percent at the close of trading in Sao Paulo. The real depreciated 0.1 percent to 2.3614 per U.S. dollar.