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Brazil Sells 3.4 Bln Reais of Real-Bonds Abroad

Sept. 19 (Bloomberg) --
Brazil's government sold 3.4 billion reais ($1.5 billion) of 10-year bonds in its first ever sale of local currency-denominated securities in international markets, said a person familiar with the offering.

The government sold the bonds, which will mature in January 2016, to yield 12.75 percent, the person said. That yield is more than 4 percentage points below the 17.05 percent yield the government sold January 2008 bonds at last week in the local market. The January 2008 bonds are the longest fixed-rate maturity the government has in the local market.

``This opening of a potential new market for real- denominated securities is very positive for Brazil,'' said Claudia Calich, who manages $500 million of emerging market debt, including Brazilian bonds, at Invesco Inc. in New York. ``It allows the country start funding itself in domestic currency in a market that hadn't been opened before, so potentially it can diversify funding sources. It makes the country less vulnerable to having to issue constantly in dollars.''

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