External Market Strategy
As regards the EFPD, in 2012 the National Treasury will continue implementing its policy of increasing the efficiency of the external yield curve. To do this, the strategy will observe the following guidelines:
• Creation and improvement of benchmarks in the yield curve through qualitative issuances in dollars or real;
• Continuation of the buyback program for securities denominated in dollars (USD), real (BRL) and Euros (EUR);
• Possibility of external liability management operations aimed at enhancing the efficiency of the external yield curve; and
• Monitoring of the External Contractual Debt, pursuing alternative operations capable of generating financial gains for the National Treasury.
It is important to emphasize that EFPD management is backed by Federal Senate Resolution n° 20/2004, authorizing buyback operations, security exchanges and utilization of derivatives for EFPD management purposes. Implementation of such measures depends on the existence of favorable market conditions.
For more information, consult the Annual Borrowing Plan.