Brazil issues US$1.25 billion in global bonds

The Republic of Brazil has made an offering of US$1.25 billion aggregate principal amount of 11 per cent US dollar-denominated global bonds due 2012. The transaction closed on January 11. Pinheiro Neto Advogados and Sullivan & Cromwell advised the underwriters, JP Morgan Securities and Salomon Smith Barney, while Arnold & Porter represented Brazil.