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quarta-feira, junho 24, 2009

Brazil Real Gains for Second Day on VisaNet IPO Dollar Inflows

By Drew Benson
June 24 (Bloomberg) -- Brazil’s real rose for a second day on likely dollar inflows from foreigners participating in an initial public offering that could be the biggest this year.
The real gained 0.3 percent to 1.9735 per U.S. dollar at 8:36 a.m. New York time, from 1.9794 yesterday. It jumped 2.7 percent yesterday, the biggest gain among all currencies tracked by Bloomberg. The real has strengthened 18 percent so far this year, the second-best performer against the dollar among the world’s 16 most-traded currencies behind South Africa’s rand.
Cia. Brasileira de Meios de Pagamentos, the Brazilian unit of Visa Inc. that’s also known as VisaNet, may raise nearly 10 billion reais ($5.1 billion) this week, said Mario Cebrian, head of foreign exchange trading at Banco Fibra SA in Sao Paulo.
“The VisaNet IPO may see a lot of interest from foreigners and the currency driver today will be the developments, the success or not, and the amount of money raised,” Cebrian said.
About 70 percent of the money raised in Brazilian IPOs since 2006 has come from abroad, Cebrian said. “Even if you have a bearish scenario in which only 50 percent comes in this time, you are still talking about a huge inflow” of dollars.
The yield on Brazil’s zero-coupon bonds due January 2010 rose for the first time in more than two weeks, climbing three basis points, or 0.03 percentage point, to 8.91 percent.

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