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Brazil intends to sell yuan bonds in China every year rather than once, a senior Brazilian treasury official said on Wednesday, in a plan that would make the Chinese currency a permanent fixture of its external debt.
The debut is expected before the end of the year and is small enough that the government is not relying on the proceeds, with external debt at four per cent of the federal stock.
Francisco Segundo, deputy secretary for public debt at the National Treasury, told a webinar hosted by the China-Brazil Business Council that the value of the sale lies elsewhere.
“Given our size, it is much more qualitative than quantitative for now,” he said. “It is obviously a welcome resource, and it tends to be cheap. But it is much more about unlocking new investors.”
What the treasury wants is a price, because selling Brazilian companies to Chinese investors is harder without a sovereign curve to borrow against, and Brazil has never had one in yuan.
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