Brazil debt sale, buyback aim to cut borrowing costs, source says

Reuters

SAO PAULO, Oct 23 (Reuters) - Brazil's plans to sell aminimum $500 million in new dollar-denominated debt due inJanuary 2025 and repurchase up to $12.59 billion in global debtaims to lower borrowing costs, a source with direct knowledge ofthe transaction told Reuters on Wednesday.

The government has the option to repurchase the securitiesin a selective manner, said the source, who declined to beidentified because the transaction is in the works. If necessaryand convenient, the government would opt against buying backsome of the maturities, repurchasing instead the ones that yieldthe biggest savings, the source added.

The government hired investment-banking firms HSBCSecurities, Bradesco BBI and Deutsche Bank Securities to handlethe transaction.

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