Brazil Returns to International Debt Markets After Record Issuance Year

Brazil is returning to international debt markets after its most intense year of issuance in over two decades. The country is offering dollar-denominated bonds with maturities in 2036 and reopening existing notes with maturities in 2056. Initial price talks point to yields around 6.7% and 7.6%, respectively. The sale follows a wave of $11 billion in issuances in 2025, the largest annual external fundraising since at least 2000. HSBC, JPMorgan, Santander, and SMBC Nikko are coordinating the offering, which is expected to be priced on Monday.