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LONDON, March 27 (IFR) - The Federative Republic of Brazil has launched a 1bn seven-year bond at 165bp over mid-swaps, according to a lead.
The sovereign, rated Baa2/BBB-/BBB, had earlier set a price range of between 165bp and 170bp over mid-swaps for the deal, tight to initial price thoughts of 175bp area.
BB Securities, JP Morgan and Santander GBM are the lead managers on the SEC-registered transaction, which is expected to price later today. (Reporting by Sudip Roy, editing by Alex Chambers)