Long-term DI rates fall in Brazil amid election rally

Short-term contracts were little changed after September inflation rose 0.82%.

Long-term Brazilian interbank deposit futures rates fell on the morning of October 9, while short-term contracts were nearly steady with a slight upward bias. CNN Brasil linked the move at the longer end of the curve to an election rally after Datafolha and AtlasIntel/Bloomberg polls showed Senator Flávio Bolsonaro in the lead.

At 9:10 a.m., the DI contract for January 2027 stood at 13.443%, compared with 13.441% at the previous settlement. The January 2029 contract eased to 12.230% from 12.315%, while the January 2031 rate fell to 12.315% from 12.447% at Thursday, October 8, settlement.

Short-term rates held steady after Brazil’s IPCA consumer price index rose 0.82% in September, close to the upper end of market estimates at 0.83%. Reuters also reported the 0.82% monthly increase, citing statistics agency IBGE. The DI quotes were recorded at the time of the morning report and do not represent the day’s closing rates.