Brazil Union Credit Guarantees Hit R$353.6B, External Share Rises

Brazil's federal union guarantees on credit operations reached R$353.6 billion, split nearly evenly between domestic (R$173.93B) and external (R$179.71B) contracts. The external portion slightly exceeds domestic, indicating growing sovereign exposure to international borrowing. This signals increased contingent liabilities for the Brazilian government, which may affect fiscal risk perceptions.