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The sale of US$500mn bonds by Brazil, led by Goldman Sachs and Merrill Lynch, saw the reopening of a US$1bn bond issue which had taken place last October.

Brazil is believed to have reached 85% of its US$6bn borrowing programme for 2005. The bonds will mature in 2019.

The bond will yield 8.83%, slightly lower than the 9.15% yield in the October issuance. This is Brazil’s first issuance since February, when it sold US$1bn worth of 10-year bonds.