Os multimercados macro, que apostam em uma tendência para os
ativos, fecharam 2012 com retorno de 18,14%. Mais do que o dobro do CDI,
que ficou em 8,4%.
Showing posts with label BRL Yield Curve. Show all posts
Showing posts with label BRL Yield Curve. Show all posts
Thursday, January 10, 2013
Wednesday, April 27, 2011
Buy Brazil Inflation-Linked Bonds, Swiss & Global Says
Brazilian inflation-linked bonds may appreciate as the country’s economy grows and its credit profile improves, according to Alessandro Ghidini from Swiss & Global Asset Management Ltd.
The real yield on inflation-linked bonds, whose principle is adjusted to compensate for consumer price rises, may fall by about 1 percentage point over the next year or so as the bonds rise in value,
The real yield on inflation-linked bonds, whose principle is adjusted to compensate for consumer price rises, may fall by about 1 percentage point over the next year or so as the bonds rise in value,
Wednesday, February 16, 2011
Brazil focused on real-denominated yield curve
* Brazil to add liquidity to dollar-denominated benchmarks
* Aims to consolidate long-end of interest-rate curve
* Aims to consolidate long-end of interest-rate curve
Thursday, December 23, 2010
Brazil Interest Futures Rise on Central Bank Signal
Brazil’s interest-rate futures yields on contracts due before July 2012 rose as the central bank’s signal that it will raise rates to curb price increases offset a report showing inflation quickened less than expected.
Investors increased bets the central bank will raise its benchmark Selic interest rate, with the yield on the contract due July 2011 adding 6 basis points to 11.65 percent by 6:38 a.m. New York time, the highest intraday level since Dec. 8. On the agreement due April, the yield advanced 4 basis points to 11.15 percent.
Investors increased bets the central bank will raise its benchmark Selic interest rate, with the yield on the contract due July 2011 adding 6 basis points to 11.65 percent by 6:38 a.m. New York time, the highest intraday level since Dec. 8. On the agreement due April, the yield advanced 4 basis points to 11.15 percent.
Thursday, September 2, 2010
Lula May Offer Real-Linked Bonds Overseas as Yields Tumble
Brazil is considering selling its first real-linked bonds in international markets in three years as yields on the securities fall to the lowest since May relative to local debt.
The government’s international real bonds maturing in 2022 yield 250 basis points, or 2.5 percentage points, less than its domestic real debt maturing in 2021, according to data compiled by Bloomberg. The difference was 184 basis points on July 1. Deputy Treasury Secretary Paulo Valle said yesterday that it’s “very probable” the government will sell foreign bonds denominated in either reais or dollars by year-end.
The yield gap between local and foreign real bonds is widening as international investors seeking alternatives to near-record low rates in the U.S., Japan and Europe pile into Brazil’s real debt issued in overseas markets. Foreigners prefer to buy the international securities because they can trade them more easily and don’t have to pay local taxes, according to Morgan Stanley.
“It’s a fantastic opportunity to issue debt in your own currency in the external market now,” said Silvia Marengo, who manages Latin American debt with Falcon Private Bank in Zurich. “It makes a lot of sense from the government’s perspective.”
The yield on the international real bonds due in 2022 has plunged 131 basis points in the past two months to 9.13 percent. Yields on the 2021 real bonds issued in the local market dropped 65 basis points over that time to 11.63 percent. The gap between the two reached 255 basis points on Aug. 27, the widest since May 7.
The government’s international real bonds maturing in 2022 yield 250 basis points, or 2.5 percentage points, less than its domestic real debt maturing in 2021, according to data compiled by Bloomberg. The difference was 184 basis points on July 1. Deputy Treasury Secretary Paulo Valle said yesterday that it’s “very probable” the government will sell foreign bonds denominated in either reais or dollars by year-end.
The yield gap between local and foreign real bonds is widening as international investors seeking alternatives to near-record low rates in the U.S., Japan and Europe pile into Brazil’s real debt issued in overseas markets. Foreigners prefer to buy the international securities because they can trade them more easily and don’t have to pay local taxes, according to Morgan Stanley.
“It’s a fantastic opportunity to issue debt in your own currency in the external market now,” said Silvia Marengo, who manages Latin American debt with Falcon Private Bank in Zurich. “It makes a lot of sense from the government’s perspective.”
The yield on the international real bonds due in 2022 has plunged 131 basis points in the past two months to 9.13 percent. Yields on the 2021 real bonds issued in the local market dropped 65 basis points over that time to 11.63 percent. The gap between the two reached 255 basis points on Aug. 27, the widest since May 7.
Sunday, August 29, 2010
Greenspan Conundrum Is Lula's Gain as Long-Term Yields Sink
The biggest foreign purchases of Brazilian local bonds in three years are pushing longer-term borrowing costs below yields on two-year debt for the first time since October 2008.
Yields on fixed-rate government bonds due in 2017 have declined 106 basis points, or 1.06 percentage points, in the past three months to 11.49 percent. The plunge in 2017 yields put them as much as eight basis points below yields on notes maturing in 2012 last week. A year ago, longer bonds yielded 171 basis points more than the shorter-term securities.
Record low yields in the U.S. and Europe spurred foreigners to buy a net $16 billion of Brazilian bonds from January through July, compared with $9.1 billion for all of 2009, according to the central bank. International investors are piling into longer-term debt, helping trim President Luiz Inacio Lula da Silva’s borrowing costs, in part as a bet slowing inflation will push down rates in coming years, according to Citigroup Inc.
“We are seeing relentless inflows,” Dirk Willer, head of Latin America local markets strategy at Citigroup in New York, said in a telephone interview. “Some of the investors are betting on the convergence trade.”
Yields on fixed-rate government bonds due in 2017 have declined 106 basis points, or 1.06 percentage points, in the past three months to 11.49 percent. The plunge in 2017 yields put them as much as eight basis points below yields on notes maturing in 2012 last week. A year ago, longer bonds yielded 171 basis points more than the shorter-term securities.
Record low yields in the U.S. and Europe spurred foreigners to buy a net $16 billion of Brazilian bonds from January through July, compared with $9.1 billion for all of 2009, according to the central bank. International investors are piling into longer-term debt, helping trim President Luiz Inacio Lula da Silva’s borrowing costs, in part as a bet slowing inflation will push down rates in coming years, according to Citigroup Inc.
“We are seeing relentless inflows,” Dirk Willer, head of Latin America local markets strategy at Citigroup in New York, said in a telephone interview. “Some of the investors are betting on the convergence trade.”
Wednesday, August 25, 2010
Brazil Interest Rate Futures Drop to 11-Month Low on Global Growth Concern
Yields on Brazil’s interest-rate futures contracts declined to an 11-month low on speculation slowing global economic growth may prompt Central Bank President Henrique Meirelles to stop raising interest rates.
The yield on the contract due in January 2012 fell two basis points, or 0.02 percentage point, to 11.13 percent, the lowest level since September, at 9:22 a.m. New York time. At 10.69 percent, the contracts due in January 2011 imply the central bank may keep its benchmark borrowing costs at 10.75 percent for the remaining three policy meetings this year.
The yield on the contract due in January 2012 fell two basis points, or 0.02 percentage point, to 11.13 percent, the lowest level since September, at 9:22 a.m. New York time. At 10.69 percent, the contracts due in January 2011 imply the central bank may keep its benchmark borrowing costs at 10.75 percent for the remaining three policy meetings this year.
Thursday, February 18, 2010
Rates Lower As Brazil Sells BRL4.03B LTNs At 9.78%-11.93% - WSJ.com
Rates Lower As Brazil Sells BRL4.03B LTNs At 9.78%-11.93% - WSJ.com: "RIO DE JANEIRO (Dow Jones)--Rates were mostly lower Thursday in the Brazil National Treasury's sale of fixed-rate LTN and NTN-F bonds due to greater demand.
The government sold 4.027 billion Brazilian reals in fixed-rate LTN bonds out of BRL4.5 billion ($2.46 billion) offered.
The bonds were sold in two different maturities, October 2010 and July 2012, at average interest rates ranging from 9.78% to 11.93%.
The government sold 4.027 billion Brazilian reals in fixed-rate LTN bonds out of BRL4.5 billion ($2.46 billion) offered.
The bonds were sold in two different maturities, October 2010 and July 2012, at average interest rates ranging from 9.78% to 11.93%.
Thursday, January 7, 2010
Brazil Carry-Trade Flows to Climb, StanChart Says
Jan. 7 (Bloomberg) -- Carry-trade investment flows into Brazil will climb this year as traders tap into central bank rate increases that will likely send benchmark borrowing costs above 10 percent, according to Standard Chartered Plc.
Carry trades, in which investors buy higher-yielding assets with money borrowed in nations with lower rates, will pick up as Brazil lifts the overnight interbank target from a record low of 8.75 percent to stem inflation as the economy rebounds, said Mike Moran, a senior currency strategist at Standard Chartered.
Moran, one of the most accurate forecasters in a Bloomberg survey of the real’s world-beating rally last year, predicts these flows will help the real advance to an 11-year high of 1.55 per dollar by year-end. That contrasts with the 1.75-per- dollar year-end call from BNP Paribas SA, the best Brazil real predictor last year among forecasts made at the end of 2008.
“We see stronger growth and higher rates boosting carry trades,” Moran said in a telephone interview from New York.
Carry trades, in which investors buy higher-yielding assets with money borrowed in nations with lower rates, will pick up as Brazil lifts the overnight interbank target from a record low of 8.75 percent to stem inflation as the economy rebounds, said Mike Moran, a senior currency strategist at Standard Chartered.
Moran, one of the most accurate forecasters in a Bloomberg survey of the real’s world-beating rally last year, predicts these flows will help the real advance to an 11-year high of 1.55 per dollar by year-end. That contrasts with the 1.75-per- dollar year-end call from BNP Paribas SA, the best Brazil real predictor last year among forecasts made at the end of 2008.
“We see stronger growth and higher rates boosting carry trades,” Moran said in a telephone interview from New York.
Wednesday, January 6, 2010
Gross Says Brazil Debt Attractive, Rates ‘Significantly High’ - Bloomberg.com
Gross Says Brazil Debt Attractive, Rates ‘Significantly High’ - Bloomberg.com
Jan. 6 (Bloomberg) -- Brazilian debt is “attractive” because the country’s inflation-adjusted interest rates are “significantly” higher than in the U.S., Bill Gross, manager of the world’s largest bond fund at Pacific Investment Management Co., said in an interview on CNBC.
“We still like selected emerging markets on the fixed- income side to the extent that some emerging markets, like Brazil, have significantly high real interest rates,” said Gross in the interview. “I’m talking about 4, 5, 6 percent higher than the U.S. That’s an attractive situation if the credit is an improving one. Certainly that’s the case in Brazil.”
Brazil’s zero-coupon local-currency bond maturing in July 2011 yielded 11.26 percent today, compared with its annual inflation rate of 4.2 percent in November. Yield on the benchmark two-year Treasury note was 1 percent today, compared with the inflation rate of 1.8 percent in the U.S.
To contact the reporter on this story: Ye Xie in New York at yxie6@bloomberg.net
Last Updated: January 6, 2010 15:46 EST"
Jan. 6 (Bloomberg) -- Brazilian debt is “attractive” because the country’s inflation-adjusted interest rates are “significantly” higher than in the U.S., Bill Gross, manager of the world’s largest bond fund at Pacific Investment Management Co., said in an interview on CNBC.
“We still like selected emerging markets on the fixed- income side to the extent that some emerging markets, like Brazil, have significantly high real interest rates,” said Gross in the interview. “I’m talking about 4, 5, 6 percent higher than the U.S. That’s an attractive situation if the credit is an improving one. Certainly that’s the case in Brazil.”
Brazil’s zero-coupon local-currency bond maturing in July 2011 yielded 11.26 percent today, compared with its annual inflation rate of 4.2 percent in November. Yield on the benchmark two-year Treasury note was 1 percent today, compared with the inflation rate of 1.8 percent in the U.S.
To contact the reporter on this story: Ye Xie in New York at yxie6@bloomberg.net
Last Updated: January 6, 2010 15:46 EST"
Tuesday, December 8, 2009
Rates Rise As Brazil Sells BRL1.25B NTN-Bs At 6.26%-6.83% - WSJ.com
Rates Rise As Brazil Sells BRL1.25B NTN-Bs At 6.26%-6.83%
BRASILIA (Dow Jones)--Brazil's federal treasury sold BRL1.25 billion($714.2 million) worth of NTN-B inflation-linked bonds on auction Tuesday at a slightly higher range of interest rates than seen at recent auctions.
The government sold bonds with six maturities ranging from Nov. 2011, to May 2045 at average interest rates ranging from 6.26% to 6.83%. Those compared with rates ranging from 6.16% to 6.78% at an auction of similar maturities held on Nov. 24.
NTN-B bonds pay a rate equal to Brazil's official IPCA inflation rate plus an interest rate established at the auction.
Traders said the yields seen at Tuesday's auction reflected expectations of gradually accelerating inflation and rising interest rates for the coming year.
Brazil's 12-month IPCA consumer price inflation through mid-November rose 4.09% versus a 4.14% advance in the same period through mid-October.
The latest figure remained below the government's official inflation target of 4.5%, however recent market estimates have pointed toward accelerating inflation in the year ahead.
According to a weekly central bank market survey released Monday, IPCA inflation is seen ending 2010 at 4.48%. The same survey shows the country's reference Selic interest rate rising to 10.6% annually from a current 8.75%.
-By Gerald Jeffris, Dow Jones Newswires; (5561) 3335-0832, gerald.jeffris@dowjones.com"
BRASILIA (Dow Jones)--Brazil's federal treasury sold BRL1.25 billion($714.2 million) worth of NTN-B inflation-linked bonds on auction Tuesday at a slightly higher range of interest rates than seen at recent auctions.
The government sold bonds with six maturities ranging from Nov. 2011, to May 2045 at average interest rates ranging from 6.26% to 6.83%. Those compared with rates ranging from 6.16% to 6.78% at an auction of similar maturities held on Nov. 24.
NTN-B bonds pay a rate equal to Brazil's official IPCA inflation rate plus an interest rate established at the auction.
Traders said the yields seen at Tuesday's auction reflected expectations of gradually accelerating inflation and rising interest rates for the coming year.
Brazil's 12-month IPCA consumer price inflation through mid-November rose 4.09% versus a 4.14% advance in the same period through mid-October.
The latest figure remained below the government's official inflation target of 4.5%, however recent market estimates have pointed toward accelerating inflation in the year ahead.
According to a weekly central bank market survey released Monday, IPCA inflation is seen ending 2010 at 4.48%. The same survey shows the country's reference Selic interest rate rising to 10.6% annually from a current 8.75%.
-By Gerald Jeffris, Dow Jones Newswires; (5561) 3335-0832, gerald.jeffris@dowjones.com"
Tuesday, November 10, 2009
Rates Widen As Brazil Sells BRL833.7 Mln NTN-Bs At 6.16%-6.75% - WSJ.com
Rates Widen As Brazil Sells BRL833.7 Mln NTN-Bs At 6.16%-6.75%
BRASILIA (Dow Jones)--Brazil's federal treasury sold 833.7 million Brazilian reals ($487.83 million) worth of face-value NTN-B inflation-linked bonds of BRL1 billion on auction Tuesday at a slightly wider range of interest rates than seen at recent auctions.
The government sold bonds with six maturities ranging from November 2011, to May 2045 at average interest rates ranging from 6.16% to 6.75%. Those compared with rates of 6.24% to 6.67% at an auction of similar maturities held Oct. 20.
NTN-B bonds pay a rate equal to Brazil's official IPCA inflation rate plus an interest rate established at the auction.
Traders said the wider range of yields seen Tuesday reflected modest inflation and interest rate expectations seen over recent days.
Brazil's 12-month official IPCA index decelerated to 4.14% in mid-October from 4.34% through the end of September, while the country's reference Selic interest rate stood at 8.75% annually.
According to a weekly central bank market survey released Monday, IPCA inflation is seen ending 2010 at 4.46%, while the reference Selic rate is seen rising to 10.5% annually.
Brazil has set an annual inflation target through 2011 at 4.5%.
-By Gerald Jeffris, Dow Jones Newswires; (5561) 3335-0832; gerald.jeffris@dowjones.com"
BRASILIA (Dow Jones)--Brazil's federal treasury sold 833.7 million Brazilian reals ($487.83 million) worth of face-value NTN-B inflation-linked bonds of BRL1 billion on auction Tuesday at a slightly wider range of interest rates than seen at recent auctions.
The government sold bonds with six maturities ranging from November 2011, to May 2045 at average interest rates ranging from 6.16% to 6.75%. Those compared with rates of 6.24% to 6.67% at an auction of similar maturities held Oct. 20.
NTN-B bonds pay a rate equal to Brazil's official IPCA inflation rate plus an interest rate established at the auction.
Traders said the wider range of yields seen Tuesday reflected modest inflation and interest rate expectations seen over recent days.
Brazil's 12-month official IPCA index decelerated to 4.14% in mid-October from 4.34% through the end of September, while the country's reference Selic interest rate stood at 8.75% annually.
According to a weekly central bank market survey released Monday, IPCA inflation is seen ending 2010 at 4.46%, while the reference Selic rate is seen rising to 10.5% annually.
Brazil has set an annual inflation target through 2011 at 4.5%.
-By Gerald Jeffris, Dow Jones Newswires; (5561) 3335-0832; gerald.jeffris@dowjones.com"
Monday, October 26, 2009
BRL Bonds Run
BRL Bonds Run
Prices are indicative only
Bid Ask B A Bid Ask
Security Px Px SZ SZ YTM YTM Notes
--------------------------------------------------------------------------------
BANVOR 10⅝ 14 101.000-104.000 2x 10.34/ 9.50
BANVOR 16.2 10 105.500-107.500 2x2 10.48/ 8.57
KFW 12 10 101.750-102.750 2x2 8.34/ 6.62
RBSPAR 11¼ 17 84.000- 89.000 2x 14.81/13.60
BANSAF 10⅞ 17 93.000- 98.000 2x 12.34/11.28
CESPBZ 9¾ 15 69.450- 70.700 2x2 9.46/ 8.98 9.51/9.03
SANTAN 16.2 10 101.625-102.375 2x2 9.88/ 7.75
BRAZIL 12½ 16 114.500-115.500 2x2 9.35/ 9.16
BRAZIL 12½ 22 113.750-114.750 2x2 10.47/10.34
BRAZIL 10¼ 28 100.000-101.000 2x2 10.25/10.12
BRAZIL 5YR Sen 125.000-135.000 Reference Only
BRAZILIAN REAL BRL Ref 1.7080
Prices are indicative only
Bid Ask B A Bid Ask
Security Px Px SZ SZ YTM YTM Notes
--------------------------------------------------------------------------------
BANVOR 10⅝ 14 101.000-104.000 2x 10.34/ 9.50
BANVOR 16.2 10 105.500-107.500 2x2 10.48/ 8.57
KFW 12 10 101.750-102.750 2x2 8.34/ 6.62
RBSPAR 11¼ 17 84.000- 89.000 2x 14.81/13.60
BANSAF 10⅞ 17 93.000- 98.000 2x 12.34/11.28
CESPBZ 9¾ 15 69.450- 70.700 2x2 9.46/ 8.98 9.51/9.03
SANTAN 16.2 10 101.625-102.375 2x2 9.88/ 7.75
BRAZIL 12½ 16 114.500-115.500 2x2 9.35/ 9.16
BRAZIL 12½ 22 113.750-114.750 2x2 10.47/10.34
BRAZIL 10¼ 28 100.000-101.000 2x2 10.25/10.12
BRAZIL 5YR Sen 125.000-135.000 Reference Only
BRAZILIAN REAL BRL Ref 1.7080
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