The Brazil 10Y Government Bond has a 10.812% yield.
10 Years vs 2 Years bond spread is 79.5 bp.
Normal Convexity in Long-Term vs Short-Term Maturities.
Central Bank Rate is 12.25% (last modification in November 2023).
The Brazil credit rating is BB-, according to Standard & Poor's agency.
Current 5-Years Credit Default Swap quotation is 146.24 and implied probability of default is 2.44%.
Brazil Yield Curve
| Residual Maturity |
Yield | ZC Price | Last Change |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Last | Chg 1M | Chg 6M | Last | Chg 1M | Chg 6M | ||||
| 3 months | 12.657% | -3.5 bp | -196.1 bp | 01 Dec | |||||
| 6 months | 11.707% | -21.7 bp | -240.4 bp | 01 Dec | |||||
| 9 months | 11.054% | -31.3 bp | -251.1 bp | 01 Dec | |||||
| 1 year | 10.471% | -51.7 bp | -243.2 bp | 90.52 | +0.47 % | +2.20 % | 01 Dec | ||
| 2 years | 10.017% | -73.1 bp | -86.4 bp | 82.62 | +1.34 % | +1.57 % | 01 Dec | ||
| 3 years | 10.062% | -81.9 bp | -75.5 bp | 75.00 | +2.25 % | +2.07 % | 01 Dec | ||
| 5 years | 10.479% | -78.3 bp | -66.5 bp | 60.76 | +3.60 % | +3.05 % | 01 Dec | ||
| 8 years | 10.684% | -77.4 bp | -56.0 bp | 44.39 | +5.72 % | +4.10 % | 01 Dec | ||
| 10 years | 10.812% | -72.1 bp | -56.5 bp | 35.82 | +6.70 % | +5.23 % | 01 Dec | ||
| Last Update: 3 Dec 2023 0:15 GMT+0 | |||||||||
Brazil Yield Analysis
Normally, longer-duration interest rates are higher than short-duration. So, the yield curve normally slopes upward as duration increases.
For this reason, the spread (i.e. the yield difference) between a longer and a shorter bond should be positive.
If not, the yield curve can be flat or inverted.
The curve convexity is measured considering some key bond durations (usually 2 years and 10 years, but also other maturities).
| Residual Maturity |
Yield | Spread vs Bond | Spread vs Central Bank Rate (12.25%) |
||||
|---|---|---|---|---|---|---|---|
| 3 months | 1 year | 2 years | 5 years | ||||
| 10 years | 10.812% | -143.8 bp | |||||
| 5 years | 10.479% | -177.1 bp | |||||
| 2 years | 10.017% | -223.3 bp | |||||
| 1 year | 10.471% | -177.9 bp | |||||
| 3 months | 12.657% | 40.7 bp | |||||
Focusing on 2 years Government Bond:
| 2Y vs 1Y | -45.4 bp | Yield Curve is inverted in Short-Term Maturities | ||
| 5Y vs 2Y | 46.2 bp | Normal Convexity in Mid-Term vs Short-Term Maturities | ||
| 10Y vs 2Y | 79.5 bp | Normal Convexity in Long-Term vs Short-Term Maturities |
Brazil Credit Ratings
A credit rating is an assessment of the creditworthiness of a borrower (in general terms or with respect to a particular debt or financial obligation). For a deeper analysis of credit ratings, click here Brazil Credit Ratings History
| Rating Agency | Rating | Outlook |
|---|---|---|
| Standard & Poor's | BB- | positive |
| Moody's Investors Service | Ba2 | - |
| Fitch Ratings | BB | - |
| DBRS | BB | - |
Brazil Interest Rates
A bank rate is the interest rate at which a nation's central bank lends money to domestic banks, often in the form of very short-term loans.
| Interest Rates | Value | |
|---|---|---|
| Central Bank Rate | 12.25% |
Brazil Credit Default Swaps
The term credit default swap (CDS) refers to a financial derivative that allows an investor to swap or offset their credit risk with that of another investor. To swap the risk of default, the lender buys a CDS from another investor who agrees to reimburse the lender in the case the borrower defaults.
| Credit Default Swap | CDS Value | Var % 1W | Var % 1M | Var % 1Y | Implied PD(*) | |
|---|---|---|---|---|---|---|
| 5 Years CDS | 146.24 | -0.65 % | -23.36 % | -42.18 % | 2.44 % | |
| (*) Implied probability of default, calculated on the hypothesis of a 40% recovery rate. |
Brazil 10Y Bond Yield Spread
The Brazil 10Y Government Bond has a 10.812% yield.
Click on the values in "Current Spread" column, for the historical series of the spread.
Click on the "Compare" button, for a report with the full comparison between the two countries, with all the available data.
| Brazil 10Y vs | Current Spread | Chg 1M | Chg 6M | Compare Countries |
|
|---|---|---|---|---|---|
| vs Japan 10Y | 1010.6 bp | -51.2 bp | -86.1 bp | ||
| vs Germany 10Y | 845.3 bp | -42.3 bp | -59.6 bp | ||
| vs China 10Y | 811.4 bp | -74.1 bp | -52.9 bp | ||
| vs France 10Y | 789.1 bp | -40.2 bp | -61.9 bp | ||
| vs Spain 10Y | 745.9 bp | -38.0 bp | -59.9 bp | ||
| vs Canada 10Y | 736.3 bp | -39.3 bp | -76.1 bp | ||
| vs Italy 10Y | 672.2 bp | -36.9 bp | -67.5 bp | ||
| vs United Kingdom 10Y | 667.2 bp | -53.2 bp | -55.2 bp | ||
| vs United States 10Y | 660.3 bp | -35.4 bp | -107.6 bp | ||
| vs Australia 10Y | 641.5 bp | -43.9 bp | -122.5 bp | ||
| vs India 10Y | 352.2 bp | -69.4 bp | -87.1 bp | ||
| vs Russia 10Y | -139.8 bp | -86.1 bp | -200.5 bp |
Brazil Government Bonds Prices
Price Simulation: bonds with a face value of 100, with different coupon rates.
Click on for a forecast of the yield.
| Residual Maturity |
Yield | Bond Price - with different Coupon Rates | Fx | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 0% | 1% | 3% | 5% | 7% | 9% | ||||
| 10 years | 10.812% | 35.82 | 41.76 | 53.63 | 65.50 | 77.37 | 89.24 | ||
| 8 years | 10.684% | 44.39 | 49.60 | 60.01 | 70.42 | 80.83 | 91.24 | ||
| 5 years | 10.479% | 60.76 | 64.50 | 71.99 | 79.48 | 86.97 | 94.46 | ||
| 3 years | 10.062% | 75.00 | 77.49 | 82.46 | 87.43 | 92.39 | 97.36 | ||
| 2 years | 10.017% | 82.62 | 84.35 | 87.82 | 91.29 | 94.77 | 98.24 | ||
| 1 year | 10.471% | 90.52 | 91.43 | 93.24 | 95.05 | 96.86 | 98.67 | ||
| Maturity Date | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | 100.00 | |||
