Itau Sees Brazil GDP Growing 7.5% ‘Chinese-Like’ Pace in 2010

Itau Sees Brazil GDP Growing 7.5% ‘Chinese-Like’ Pace in 2010
May 12 (Bloomberg) -- Brazil’s economy will grow at a faster, “Chinese-like rate” this year as a result of a stronger global economy and measures taken to stimulate domestic demand, Itau Unibanco Holding SA said.

Latin America’s biggest economy should expand 7.5 percent this year, above a previous estimate for 6.5 percent,

Brazil Boosts BNDES Lending Capacity by $20.7 Billion

April 30 (Bloomberg) -- Brazil’s state development bank will have an additional 36 billion reais ($20.7 billion) to lend under a plan announced by the Treasury today.
Brazil’s Treasury will exchange 1.3 billion reais of shares it owns in Centrais Eletricas Brasileiras SA, a state-controlled power utility, for shares in state-controlled Banco do Brasil SA owned by development bank known as BNDES, said Charles Guedes, a Treasury official. The Treasury will also transfer to the bank a credit of 2.7 billion reais owed to it by Eletrobras, as Latin America’s biggest utility is known.
The two measures will boost capital levels at the development bank, giving it more room to make loans. BNDES can include the Eletrobras shares as part of its capital, while rules didn’t allow shares in Banco do Brasil to be counted as capital.

Brazil Trades A-Rated as Growth Makes Debt Safer

April 30 (Bloomberg) -- Brazil’s credit rating, raised to investment grade two years ago, is poised to increase as the economy grows at the fastest pace since 2007, trading in credit- default swaps shows. The cost to protect Brazil bonds, ranked BBB- by Standard & Poor’s, from default for five years fell seven basis points this month to 123 basis points, or 1.23 percentage points, according to data compiled by CMA DataVision. In Europe, where Greece’s spreading debt crisis led to downgrades this week, swaps on Portugal almost doubled this month to 2.78 points, even though its debt is rated A-, three levels higher than Brazil.

Eletrobras May Swap $2.7 Billion of Debt for Shares

April 29 (Bloomberg) -- Centrais Eletricas Brasileiras SA, Latin America’s largest utility, is seeking to convert 4.7 billion reais ($2.7 billion) of liabilities to the Brazil’s government into shares, the finance chief said.

Rates Rise As Brazil Sells BRL408M Inflation-Indexed NTN-Bs - WSJ.com

RIO DE JANEIRO (Dow Jones)--The Brazilian Treasury sold 408 million Brazilian reals ($231 million) worth of inflation-indexed NTN-B bonds at an auction Tuesday, with interest rates rising on emerging-market volatility and expectations for higher local interest rates.
The government sold slightly more than 80% of the BRL500 million worth of bonds on offer Tuesday. The bonds came in three maturities between 2013 and 2020.
The government sold the bonds at average interest rates ranging from 6.50% to 6.75%.

Brazil Federal Debt Stable In March At BRL1.495 Trillion-Govt

BRASILIA (Dow Jones)--Brazil's total federal debt load remained stable in March at 1.495 trillion Brazilian reals ($857 billion) under the contrasting influence during the period of debt amortization and interest accrual, the government reported Tuesday.

Brazil March Tax Revenue BRL59.42B, Up 6.1% Vs 2009

BRASILIA (Dow Jones)--Reflecting the continuation of a local economic recovery, Brazilian federal tax revenue rose in March to a record level for the month, the federal tax department reported Tuesday.