Brazil buys back $2bn worth of pricey paper

Brazil buys back $2bn worth of pricey paper


Brazil has issued $2bn of 2045 bonds in a debt swap, replacing bonds with maturities between 2024 and 2041 as part of a $3.5bn deal to lighten the country’s debt burden, the government said on Thursday. The liability management exercise was executed through a one-day switch offer on Wednesday, the same day that the Baa2/BBB-/BBB rated sovereign also sold a $1.5bn SEC-registered bond. Brazil bought back bonds with a face value of $1.59bn, issuing $2bn in new 2045 bonds to swap with those notes —

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