Brazil sells $50m bonds in Asian markets

Brazil succeeded in selling 50 million U.S. dollars worth of dollar-denominated government bonds in Asian markets on Friday, the Treasury Department announced. The bonds sold are due on Jan. 5, 2023, with a yield of 2.75 percent a year. The selling came one day after the Brazilian government sold 750-million-dollar bonds due in January 2023 in European and U.S. markets. It was the first issuance of global bonds of a total of 800 million dollars in foreign currency since September 2012 when Brazil sold 1.35-billion-dollar bonds (100 million dollars in Asian markets and 1.25 billion in European and U.S. markets). The Brazilian government also announced its intention to make another issuance in December. Issuances of bonds allow the government to borrow from foreign investors by promising to return the investment together with a certain yield within a predetermined time range. Brazil's sovereign credit ratings in international agencies have improved in the past years. The country's bonds in foreign currency are currently rated Baa2 at Moody's and BBB at Fitch Ratings and Standard & Poor's Ratings.