Brazilian National Treasury Notes, or Notas de Tesouro Nacional (NTNs), are the primary fixed- income securities issued by the Brazilian government. As Brazil is the largest and most liquid economy in Latin and South America, these notes are widely considered as a low-risk investment.
NTNs are short-term securities with a BB rating, attracting various investors. Interest on these bonds accrues until maturity and is determined by Brazil's Central Bank using a Selic rate, the average interest rate on overnight loans backed by government securities.
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