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CITIBANK: BRAZIL ANNOUNCES ISSUANCE OF BONDS

 NEW YORK, Nov. 20 ~PRNewswire~ -- The government of Brazil and the Bank Advisory Committee announced today the issuance of $7.1 billion worth of Brazilian past-due interest bonds for 1989 and 1990.
 In June 1991, the Brazilian Senate approved an agreement between the government and its Bank Advisory Committee in which the interest due and unpaid in 1989 and 1990 was settled by paying 25 percent of the amount in cash in 1991, with the remaining 75 percent to be resolved through the issuance of bonds following an agreement-in-principle on Brazil's $44 billion of medium- and long-term debt owed to foreign commercial banks. That agreement in principle was reached on July 9. The Term Sheet detailing that agreement is currently before the Brazilian Senate for its consideration.
 "Taken together, these two developments further demonstrate the seriousness of the Brazilian government in regularizing its relations with the international banking community," said Citibank Vice Chairman William R. Rhodes. (Citibank chairs the Brazil Bank Advisory Committee.)
 -0- 11~20~92
 ~CONTACT: John M. Anderson of Citibank, 212-559-2722~
 (CCI)


CO: Citibank ST: New York IN: FIN SU:

PS-TS -- NY023 -- 3323 11~20~92 11:27 EST
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Publication:PR Newswire
Date:Nov 20, 1992
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