Brazil’s real gained the most in emerging markets after Petroleo Brasileiro SA sold $8.5 billion in dollar bonds, buoying investment flow prospects.
The real climbed for the first time in four days, appreciating 0.3 percent to 2.3433 per U.S. dollar at 11:09 a.m. in Sao Paulo, the biggest gain among 24 developing-nation currencies tracked by Bloomberg.
Swap rates on contracts maturing in January 2017 fell 13 basis points, or 0.13 percentage point, to 12.47 percent.
Petrobras, as the state-run oil producer is known, issued $8.5 billion of bonds yesterday. Investors snapped up the securities after the Rio de Janeiro-based company offered yields as much as 0.45 percentage point higher than existing bonds.
“There are expectations for an increased inflow of dollars after Petrobras’s bond sale, which is making the real gain,” Eduardo Velho, the chief economist at INVX Global Partners in Sao Paulo, said in a phone interview.
Brazil’s industrial production increased 2.9 percent in January from a month earlier, according to data from the national statistics bureau. The median estimate among 42 economists surveyed by Bloomberg was for a gain of 2.5 percent.
bloomberg.com
The real climbed for the first time in four days, appreciating 0.3 percent to 2.3433 per U.S. dollar at 11:09 a.m. in Sao Paulo, the biggest gain among 24 developing-nation currencies tracked by Bloomberg.
Swap rates on contracts maturing in January 2017 fell 13 basis points, or 0.13 percentage point, to 12.47 percent.
Petrobras, as the state-run oil producer is known, issued $8.5 billion of bonds yesterday. Investors snapped up the securities after the Rio de Janeiro-based company offered yields as much as 0.45 percentage point higher than existing bonds.
“There are expectations for an increased inflow of dollars after Petrobras’s bond sale, which is making the real gain,” Eduardo Velho, the chief economist at INVX Global Partners in Sao Paulo, said in a phone interview.
Brazil’s industrial production increased 2.9 percent in January from a month earlier, according to data from the national statistics bureau. The median estimate among 42 economists surveyed by Bloomberg was for a gain of 2.5 percent.
bloomberg.com
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