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Brazil's central bank announces reverse FX swap deal for Wednesday

BY Reuters | ECONOMIC | 05:54 PM EDT

SAO PAULO, May 5 (Reuters) - Brazil's central bank will hold a reverse foreign exchange swap auction on Wednesday, aiming to sell up to 10,000 contracts, it said in a statement on Tuesday.

The deals start at 9:20 a.m. local time (1220 GMT), the central bank said. A reverse FX swap is equivalent to buying U.S. dollars in the futures market. (Reporting by Fernando Cardoso; Editing by Chris Reese)

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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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