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Brazil's cenbank announces $1 billion spot auction, reverse FX swap deal for Friday

BY Reuters | ECONOMIC | 05:56 PM EDT

SAO PAULO, March 12 (Reuters) - The Brazilian central bank will hold a spot dollar auction of up to $1 billion on March 13, and a simultaneous reverse FX swap auction, it said in separate statements on Thursday.

Both deals start at 9:30 local time (12:30 GMT), the central bank said.

A reverse currency swap, which in this case involves up to 20,000 contracts, is equivalent to buying U.S. dollars on the futures market. (Reporting by Andre Romani; Editing by Brendan O'Boyle)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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