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Brazil wins vital breathing space in ¥200bn Samurai

Brazil stunned the international markets this week by issuing a ¥200bn two year Samurai, the biggest yen transaction from an emerging markets borrower at a time when the region is still beset by the Argentine crisis. Bookrunner Nomura Securities and joint lead Daiwa SMBC not only went ahead with the issue, but increased it from an original ¥180bn.

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