tmp does this mean anything to us?
HEADLINE: Three banks complete local currency issues on intl. markets
BODY: Three Brazilian banks Bradesco (NYSE: BBD), Unibanco (NYSE: UBB) and ABN Amro Real completed their local currency bond issues on the international markets, local press reported.
Those banks followed the example of fellow Brazilian bank Votorantim, which made the first foreign reais-denominated bond issue two weeks ago when it sold US$75mn worth of bonds in the local currency abroad.
The Brazilian unit of Dutch banking group ABN Amro (NYSE: ABN) placed three-year bonds worth US$55mn at a 17.9% interest rate while Brazil's largest private-sector bank Bradesco raised US$100mn through a three-year issue that paid a 17.5% interest.
The country's third largest private bank Unibanco sold US$75mn worth of 18-month bonds at a 17.9% interest rate.
LOAD-DATE: December 6, 2004
It sounds like these banks are "cashing out", swapping bonds (debt) for South American currencies...I think that this could have an effect on the dollar going down...