People familiar with the matter said that Brazil is preparing to issue its first panda bonds, which may be launched as soon as next week. Sources revealed that Brazilian finance officials are currently finalizing the details of the issuance of this renminbi-denominated bond in China. The issuance may begin after Sunday's presidential election. The Brazilian government is seeking to raise about 10 billion yuan, and the initial issuance scale is 5 billion yuan. This offering will make Brazil the first Latin American sovereign issuer to enter the Chinese panda bond market, and its price may establish a pricing benchmark for Brazilian companies such as Vale. Vale is also considering issuing renminbi-denominated bonds.

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