Brazil Raises $4.5 Billion in First 2026 Sovereign Bond Sale

Overview

• The new 10-year Global 2036 raised $3.5 billion at a 6.4% yield with a 6.25% coupon and a 220 bps spread over U.S. Treasuries.
• Brazil reopened its 30-year Global 2056 for $1 billion at a 7.3% yield with a 7.25% coupon and a 245 bps spread.
• Investor orders peaked near $12 billion, roughly 2.7 times the amount sold.
• About 90% of demand came from Europe and North America, with roughly 9% from Latin America.
• Settlement is scheduled for February 19, when proceeds will be added to Brazil’s international reserves.