Brazil Scrubs Bond Auction,
Published July 26th, 2007
The Brazilian Federal Treasury on Thursday canceled a regularly scheduled auction of its main LTN bonds, citing “financial market conditions.”
The auction had been scheduled for Thursday since the beginning of July. It hadn’t yet set a volume for sale of the LTN bonds.
The treasury didn’t offer any other explanation for the cancellation. However, a government official told Dow Jones Newswires, “given turbulent market conditions today, the government decided to cancel the auction. There was no great urgency in holding the auction.”
The Thursday auction would have been the last regularly scheduled auction of the month. Early next week, the treasury will issue its August schedule. Typically, the treasury holds one or two bond auctions per week.
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