Analysis: Brazil Faces US$112 Billion Refinancing Challenge in Early 2021

Publicly, Treasury officials insist there will be no problem getting investors to extend their loans. Almost all of Brazil’s debt is denominated in reais and over 90% of it is held by domestic investors.

RIO DE JANEIRO, BRAZIL - Brazil’s debt has ballooned to unprecedented levels due to the COVID-19 pandemic and the government faces a US$112 (R$600) billion refinancing challenge early next year, with April’s funding needs the highest ever for a single month.

Publicly, at least, Treasury officials in Latin America’s top economy insist there will be no problem getting investors to extend their loans. Their so-called liquidity cushion . . .

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