Brazil Capital Market Activity More Than Doubles In October

Date : 11/08/2011 @ 9:01AM
Source : Dow Jones News
Stock : Tim Participacoes S.A. American Depositary Shares (Each Representing 5 ) (TSU)
Quote : 16.18  0.28 (1.76%) @ 4:02PM

Brazil Capital Market Activity More Than Doubles In October

Tim Participacoes (NYSE:TSU)
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Total Brazilian debt and stock issuance more than doubled in October, led by a huge share offer by mobile telephone company TIM Participacoes S/A (TSU, TIMP3.BR), the Brazilian Financial and Capital Markets Association, or Anbima, said Tuesday.

Total capital market activity in October, including both stock and debt offers, reached 4.95 billion Brazilian reais ($2.8 billion), up from BRL2.13 billion in September, Anbima said.

In October, TIM Participacoes, the local unit of Italy's Telecom Italia SpA (TI, TIT.MI), raised BRL1.7 billion via the sale of its shares on the Sao Paulo Stock Exchange.

Despite the robust increase seen in October, Brazil's capital market activity remains tepid this year. A perceived deterioration in Europe's debt situation, along with its impacts on the global economy, has reduced investor appetite for local assets, according to Anbima.

Total capital market activity in the January-October period dropped to BRL91.4 billion from BRL217.8 billion in the same period in 2010, Anbima said.

-By Rogerio Jelmayer, Dow Jones Newswires; 5511-3544-7071; rogerio.jelmayer@dowjones.com

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