March 31, 2017 / 7:39 PM / in a year

Brazil's BNDES sees rate change driving down borrowing costs

RIO DE JANEIRO, March 31 (Reuters) - A decision by Brazil’s government to set a new benchmark for loans by state development bank BNDES will help keep a lid on credit subsidies and drive down borrowing costs as a whole, the bank’s president said on Friday.

The government is creating a new long-term rate that will replace the so-called TJLP rate to which BNDES loans are pegged. The new rate will entice capital markets activity and facilitate the pricing and securitization of BNDES loans, said Chief Executive Officer Maria Silvia Bastos Marques. (Reporting by Rodrigo Viga Gaier; Writing by Guillermo Parra-Bernal; Editing by Marguerita Choy)

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