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Brazil plans to sell $1.5 billion of dollar bonds due in 2025, creating a new benchmark security in international markets, and to buy back notes maturing in as little as four years.

The debt will yield 1.8 percentage points more than similar-maturity U.S. Treasuries, according to a person familiar with the matter who asked not to be identified because terms aren’t set. Proceeds will be used to repurchase as much as $12.6 billion of securities maturing from 2017 to 2030. Banco Bradesco SA, Deutsche Bank AG, and HSBC Holdings Plc are managing the sale, which may take place as soon as today.

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