* Treasury reopening 2023 dollar-denominated bond
* Reopening yield at 2.75 percent -IFR
* Source says gov't initially sought to raise $500 mln
BRASILIA, May 9 Brazil raised $750 million in a
reopening of its dollar-denominated global bond due in 2023 on
Thursday, taking advantage of a rising appetite for
emerging-market debt to bolster the liquidity of its benchmark
The 10-year debt was priced at 98.946 cents on the dollar,
with a yield of 2.75 percent, slightly below initial guidance of
between 2.80 and 2.85 percent, IFR reported. The international
sale, Brazil's first since September, was managed by Barclays
Plc and Citigroup Inc.
The sale aims to set a benchmark for Brazilian borrowing,
helping corporate issuers get better terms in the
dollar-denominated global bond market. The sale, initially set
at $500 million, also seeks to increase the liquidity of the
2023 global bonds, a government source close to the deal told
Brazil last sold debt abroad in September when it fetched a
record-low yield in a $1.35 billion sale of 10-year debt.
Lingering worries over the health of the global economy
drove up Brazilian bond yields early this year but market
conditions began improving in March as expectations that growth
across the globe was recovering gained traction.
The yield on Brazil's global debt due in 2023
rose slightly after the sale on Thursday, trading at 2.751
percent, yet still well below the year high of 3.301 percent
seen in mid-March.