知情人士透𫕥，巴西正筹备其首次熊猫债券发行，最早可能在下周进行。
Brazil is readying its debut panda-bond sale, which could take place as early as next week, according to a person familiar with the matter.
财政官员正在中国敲定这笔人民币计价债券发行的细节，该人士表示，发行可能在周日总统选举之后启动。
Finance officials are in China ironing out the details of the renminbi-denominated debt sale, which may be launched after Sunday’s presidential election, the person said.
政府计划筹集约100亿元人民币（15亿美元），首期发行50亿元人民币。
The government is seeking to raise about 10 billion yuan ($1.5 billion), with an initial tranche of 5 billion yuan.
弗拉维奥·博索纳罗在第一轮投票中领先于现任总统路易斯·伊纳西奥·卢拉·达席尔瓦，双方将于10月25日周日进入决选。最近的民调显示，两名候选人在投票前陷入胶着竞争。
Flávio Bolsonaro finished ahead of President Luiz Inácio Lula da Silva in the first round of voting, setting up a runoff on Sunday, Oct. 25. Recent polls show the two candidates locked in tight race ahead of the vote.
此次发行将使巴西成为首个进入中国熊猫债市场的拉丁美洲主权国家，并可能为包括淡水河谷公司（Vale SA）在内的巴西企业建立基准，该公司正考虑发行自己的人民币计价债券。
The offering would make Brazil the first Latin American sovereign to tap China’s panda-bond market and could help establish a benchmark for Brazilian companies including Vale SA, which is considering its own renminbi-denominated sale.
知情人士表示，即使博索纳罗赢得选举，该交易预计仍将推进，因为市场准备工作已经完成。财政部和财政部未立即回应置评请求。
The deal is expected to go ahead even if Bolsonaro wins the election, given the work already done to prepare the market, the person said. The Treasury and Finance Ministry didn’t immediately respond to requests for comment.
博索纳罗是美国总统唐纳德·特朗普的盟友，主张与华盛顿建立更紧密的关系。他的胜利可能会给巴西政府扩大在中国发行债券的更广泛战略按下暂停键，而卢拉连任则可能加强深化与北京金融联系的努力。
Bolsonaro is an ally of US President Donald Trump and favors closer ties with Washington. A victory for him could put the brakes on the government’s broader strategy of expanding Brazil’s issuance in China, while a Lula reelection would likely reinforce efforts to deepen financial ties with Beijing.
一位知悉该公司计划的人士表示，淡水河谷公司无论选举结果如何都将推进其熊猫债发行。中国是该矿业公司铁矿石的最大买家，以人民币计价的交易是其与中国矿产资源集团（国有铁矿石买家）关系的重要组成部分。
Vale intends to move forward with its panda bond regardless of the result, said a person familiar with the company’s plans. China is the biggest buyer of the miner’s iron ore, and a yuan-denominated transaction is an important part of its relationship with China Mineral Resources Group, the state-backed iron ore buyer.
淡水河谷公司首席财务官马塞洛·巴奇在9月表示，鉴于中国市场对淡水河谷业务的重要性，该公司进入该国市场是“自然”的。
It is “natural” for Vale to tap the country’s market given its significance for Vale’s business, Chief Financial Officer Marcelo Bacci said in September.
瓦莱公司迄今基本上未受影响，而必和必拓集团、力拓集团和福雷斯库有限公司等竞争对手则受到了影响，这些公司在与CMRG谈判期间，部分铁矿石产品的销售受到限制。该公司拒绝就其周二关于熊猫债券计划申请的声明之外发表评论。
Vale has so far remained largely insulated from tensions that have affected rivals including BHP Group, Rio Tinto Group and Fortescue Ltd., which have faced restrictions on sales of some iron ore products amid negotiations with CMRG. The company declined to comment beyond its Tuesday statement on its application to the Panda Bond Program.
今年以来，巴西在全球市场已筹集约100亿美元，旨在将借款多元化，超越美元，并逐步提高外债在其总体融资中的占比。政府还寻求国会授权，每年在国际市场发行最多350亿美元的债券。
Brazil has raised about $10 billion in global markets so far this year as it seeks to diversify its borrowing beyond the US dollar and gradually increase the share of external debt in its overall funding. The government is also seeking congressional authorization to issue as much as $35 billion a year in international markets.
纸浆和造纸公司苏扎诺SA于2024年成为首家发行熊猫债券的拉丁美洲公司。
Suzano SA, a pulp-and-paper company, became the first Latin American company to sell panda bonds in 2024.