Brazilian LTN Bonds

Brazilian LTN Bonds

Here, for both your edification and reading enjoyment, is a story of yet another scheme of “bogus bonds” flying around the world of fringe finance.

The Brazilian Letra do Tesouro Nacional (LTN) bonds do have a root in history.

The real LTN bonds issued in the 1970’s were short, stop-gap measures, issued much like currency, but were issued to function as a “year-or-less IOU.”  Inflation was rampant and it was easy to issue an IOU that could be paid with steeply inflated cruzeiros at a later date.

Brazil LTN Bond 1970

Brazil LTN Bond 1970

Cruzeiros were the currency of Brazil from 1942 to 1986 and again between 1990 and 1993(two distinct currencies). In 1986 a new currency which was introduced was called the Cruzado. After a few years, a new currency, the Cruzado Novo, or New Cruzado was introduced, only to be replaced in 1990 by the reintroduction of the Cruzeiro. In another attempt to control inflation in 1993, the government devalued the currency by taking off three zeros from the Cruzeiro and naming the new currency the Cruzeiro Real.  The Cruzeiro was devalued several more times, and through the many devaluations, we at Aegis Journal calculate the actual face value of the bond in the current currency of realm, Brazilian Reals, to be .000000436 R. In US or EU – it is even less of a fraction of a cent.

Check out our calculations and the History of Brazilian Currency Devaluations.

None of the LTN issues were for more than 365 days.  Any cruzeiros that show a maturity dates of more than one year are an absolute FAKE – real dumb FAKE.

But wait, it gets worse…

Until the second half of the 20th Century, the Brazilian Government had issued public bonds in assorted occasions, to raise money to facilitate the nation’s development by specifically targeting infrastructure projects such as re-equipping ports and railways, increasing warehouse capacity, building cold storage rooms, building electrical power plants, and developing basic industries as well as development of rural areas.  Like many countries both in Latin America and elsewhere, the government had borrowed more than they could pay back.

In 1957, the government of Brazil exchanged all of its debt which was issued from 1902 to 1955 for new bonds.  Old debt holders had a five year window in which to make the exchange of old debt for new debt or face losing the value of their bonds.  Thus, any Brazilian Bonds that were issued before 1955 are now worthless.

During the 1979-82 period, the Brazilian economy faced several adverse shocks:

(i)            The 1979 oil shock;
(ii)          Declining terms of trade, due to falling export prices and increases in the prices of imported capital goods and raw materials;
(iii)         A global recession;
(iv)         Unexpected increase in the international interest rates; and last but not certainly not least
(v)          Breakdown of the international financing market for the indebted developing countries in September of 1982  (a typical case of market failure).

The growth strategy adopted by the Brazilian government after the first oil shock directly or indirectly promoted over-borrowing.  The Brazilian default on external debt in the 80’s was the outcome of over-lending by creditor countries’ commercial banks – made possible in part by great international liquidity.

There was no institutional framework to deal with such problems. The main creditor countries organized under the IMF coordinated a strategy , which became known as “muddling through” This strategy did not work out because it did not address the fundamentals of the debt problem. This concerted action of creditor and debtor countries’ governments with the coordination of international organizations is a good example of government failure.

Only more than ten years after the beginning of the debt crisis, the Brady Plan,

proposed by the United States government, created a proper framework of cooperation and understanding between debtor and creditor countries to share the costs of wrong decisions taken in the past by reducing the debt service and the debt itself. In the second quarter of 1994, an agreement was signed between the Brazilian government and the international banks, by which the debt was securitized and transformed into several different bonds. (Source IMF)

So Brazil has restructured and/or exchanged old debt for new debt in 1964, 1983, 1984, 1986, 1987, 1988, and 1992 with the final Paris Club restructuring, and with commercial holders in 1988, 1991 and 1994.

No debt of the Brazilian government from 1970’s is any good by virtue of the Paris Club Agreements, IMF Agreements and as a result of the Brady Bonds / debt restructuring.   Even if the debt holder’s orginal instrument was genuine and not a fake the bondsholders are nine internationally acknowledged debt-restructuring agreements behind.

Let’s also add to the festering pile of misinformation and outrageous lies the fact that you can buy these bonds in bulk from suppliers on  Here are some page images of people selling Brazilian LTN Bonds, in bulk, on Alibaba see examples, 1,  23.

All bogus bonds inevitably come with a plethora of additional bogus documents to shore up the reality of the bogus note(s). They come with a Certificate to tell you the bond is real.  How lovely!  They may also come with an age appropriate Receipt.

My favorite is the Tax Statement showing the tax paid on the bond.  The only problem with this pastiche is the idiots cannot figure out the difference between the old Cruzeiro and the new Real.  It is almost as dumb as forging coins with a date like 22 B.C.

And let us not forget the required Verification that the bond or note is real issued by some independent third party who cannot be located.

Oh, as a final comment from the Central Bank of Brazil (BCB) the people who are debtors and who are supposed to pay the note owners. . .

The Central Bank of Brazil (BCB) has been receiving questions about bonds it supposedly issued under the names “Certidão Conjunta de Valor Atualizado”, “Certificado de Repactuação” and “Declaração de Autenticidade”. Such bonds, which carry the logo of the BCB, have allegedly been signed by some members of the Board and by other Brazilian officials.

The BCB herein informs that it is not allowed to issue any kind of Bond or debt note, pursuant to Complementary Act of Congress 101, of 4th of May, 2000.

Furthermore, all bonds and notes issued by National Treasury and held in custody in the Special System for Settlement and Custody (Selic), managed by the BCB, are book-entry, electronically registered and negotiated bonds and notes.

Hence, documents with the characteristics stated above are fraudulent and do not represent debts issued by the Central Bank or by the Brazilian government. The Federal Police have been duly notified about such occurrences.

Stop trading in these worthless fraudulent bonds and share this post with anyone you identify who is screwing with them.


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Showing 76 comments
  • Robert K

    The chart on devaluations is astounding… rampant inflation year after year….

  • Linda W

    Check out this company, InfrAegis, trying to validate one of these Brazilian LTN’s in a federal court:

    • aegisadmin

      They were real bonds, they are just worthless.

  • Eliezer Cohen

    The CME (Chicago Mercantile Exchange) is listing some of these bonds on their system through an arrangement with BM&FBOVESPA, the main Brazilian exchange. The Brazilian Government has ‘repacuated’ some of these bonds and given them maturity dates as far out as 2042. Also a small amount of these bonds are available on Euroclear but this is rare because Euroclear charges monthly listing fees. In all cases, buyer should beware and only purchase these types of instruments on a reputable exchange.

  • renman

    This article is mostly correct and so are the comments..however..there are some rare cases where historic LTNs are legitimate…forget the repacs,”laudo”, recebo..all nonsense. If the historic LTN is actually recorded in Brazil’s internal debt budget then in fact, the credit rights can be leased, sold, or given away,just by signing Deeds in a Public Registry Office. This is true even on Euroclear..which they are not directly listed anyway because E/C creates a Eurobond where the collateral behind it may be an LTN. A buyer’s bank must be able to understand it well enough to enhance an existing line of credit. The valuation is negotiated between the credit right holder and STN and no one IS legal if STN claims it’s legal and that is what people don’t understand.

    • aegisadmin

      It does not matter if they are legit or not. A trillion dollar LTN from the 1970’s is worth less than a penny today as a result of decades of hyper inflation, 7 different currencies, several devaluations and at least two internationally recognized debt repudiations and restructurings. Please, stop thinking these have value – they do not. Even if real – they have little value other than a relic of a mis-managed socialist economy. They were the example before the Zimbabwe 100 Trillion dollars note. Interesting and worthless.

  • financiar

    have buyer for ltn ‘s brasilian
    paymant 14%+2%
    swift mt 542 or 760 from central bank of brasil


    I have 1 bond par value R $ 1,500,000,000
    Brazil’s central bank released in 1972.
    Please tell me the current value of this LTN is worth how much?
    I want to convert the money to do what the procedure?
    I want to sell, there are no buyers?
    Thank you

    • aegisadmin

      It is worth less than 1 cent USD. I am more than willing to give you $20.00 – as a collectors item for my wall of frauds?

  • renman

    Aegis, you still don’t get it. The historic LTN’s valuation is negotiated between STN (the Brazilian Treasury) and the entity who has the credit rights and it is recorded as such in Brazil’s Internal Debt Budget. Forget what the face value states, the inflation rate, the historic currency devaluations..etc…it is not something that can be quantified in that manner. It is legal if the treasury says it’s legal, it has a value because STN states it does, whomever owns the credit rights does so because STN acknowledges that he does, the rights of cession take place via the BOVESPA because STN has given them the authorization to do so. You are correct in believing that the actual certificate and the backup paperwork is worthless. However, if it is recorded and acknowledged properly it is legal and has value…but that is rare and most are not legitimate.

  • renman

    Aegis, you keep referring to non-registered fake physical historic LTNs. You are correct, they are worthless. However, I am not referring to the 99.99% of the “nut-cases” that are promoting this. I am referring to the few that are recorded in Brazil’s Internal Debt Budget that have been de-materialized.

  • LTN for sale

    LTN PURPLE, H SERIES, 1.2B. Contact us if interested, not on Euroclear, TTM in Miami preferred.

    Interested in why Aegis would offer 500k for the bond, and then file suit as referenced above, but now claim they are worthless……hmmmmmm

    • aegisadmin

      We nevered offered 500K for anything – we do not have 500K or even 10K – unless it is a run or something like that. Heck we never offered 500K, not even in Zim Dollars. We have never sued anyone. However, the 1972 LTN are worthless – except as a collectors item. We would pay $50.00 USD for a 1972 LTN for our wall of fraud and shame.

      You no doubt have us confused with someone who has money and lawyers.

  • Richard Stone

    Go to the Banco Central DO Brasil(Central Bank of Brazil) and SEE THE TRANSACTIONS TRADED IN LTN on 09/16/2013. THE AEGIS JOURNAL IS A FARCE!

    Transactions of federal securities in the secondary market

    Period: 09/16/2013 Volumes and prices in Reais (Brazilian currency)
    Quantity by type of security





    • aegisadmin

      READ THE ARTICLE – we are speaking about LTN notes from 1970’s – not current LTN denominated in Reals. We are not a farce and you did not read the article not look at the history of currency devaluations in Brazil our understand the several debt repudiation schemes Brazil has undergone.

      I invite you to actually read the article as we as look at’s-History-of-the-Cruzeiro.pdf

      Based upon Brazil’s current economic climate – they appear to be a decent risk.

      1970’s LTN notes being sold on the web and at Alibaba – are worthless, bogus or both.

  • sherry

    Renmen…when you say dematerialized, does this mean that the physical documents, the certificates, the letters showing reissue dates, have been destroyed by the Brazilian government? If they are in possession of the owner, are these then fraudulent? Thanks.

    • aegisadmin

      The other cheeky answer is that what happened to the value of the Brazilian Currency…

  • Renman

    Sherry, the issue is not whether or the certificates are fraudulent. If the Credit Rights and the Obligation are not recorded in Brazil’s Internal Debt Budget the certificate may as well be wallpaper. Also, the owner of the credit rights must be recorded as such at The Brazilian Treasury (STN), free of restrictions and leins, taxes must be paid, and it must be a current repactuation as per the “newer” BOVESPA/STN rules. Obviously, the liklihood of them being legal is very close to zero….but…there are some legal holders. I am aware of few…but then you have a second problem…finding a buyer.

  • Adilson

    Adilson says:
    Dear friend aegisadmin, you should become better informed about the evolution of the Brazilian currency before talking nonsense in your “journal”. In January 1970, when the Brazilian LTNs were issued, worth Cr$ 1,200,000,000.00 (one billion two hundred million cruzeiros) not CRUZEIRO NOVOS, as said in the “journal”. On that date, one dolar (US$ 1,00) worths Cr$ 4350.00 cruzeiros. Thus, Cr$ 1,200,000,000.00 were worth US$ 275,862.06. Today, the value of Cr$ 1,200,000,000.00 updated by official rates of monetary indices, plus contractual interest of 12% per year, worth R$ 8,907,735,499.67 REAIS (R$ 1,427,300,359.18 (main current) + R$ 7,480,435,140.49 (interest). Today, in Brazil, one dolar (US$ 1,00) worth R$ 2.20 REAIS. Thus, R$ 8,907,735,499.67 REAIS are equivalent to U.S.$ 4,048,970,681.66. So, if you have some brazilian LTNs issued in 1970 and want to sell them for $ 50.00, I’ll buy them all.

    • aegisadmin

      Please look at the following chart who’s origin is the Central Bank of Brazil. History of Brazil Currency The second is that Brazil and repudiated its debt twice since the 1970 – so no matter how much interest or principle you wish to add in – they are worthless!!! The obligations were defaulted upon and repudiated. Stop with the snake oil calculations.

  • ren man

    Aegisadmin is correct..the calculations are ridiculous and with regards to historic LTNs. I understand where you are getting the math but it doesn’t apply. 99.99% are not legal and the only two valuations that matter is the negotiated value between the credit right holder and STN….and the buyer’s bank which will be a LTV against an acceptable value because no one would buy them unless they can enhance an existing line with them. So here….I would not focus on its value, I’d try to find out if they were legal…which again…most are not.

    • aegisadmin

      Yes – nicely put. All of the bonds after any of these rescheduling are WORTHLESS and or Counterfeits. Thank You for this link to reality. Arghhhhh

  • MM

    they are a fraud?! ha ha ha! The Rothschild consorcium is buying them right now and also the last Liberty 2000!! fraud? hoax?!! ha ha ha! this guy knows nothing about Brazil! I work for the platform of investments of the Rothschild family and I know what I am talking about, because I have the cash and you? what do you have? get a grip and be useful, talk about your Obamacare fraud. Right? ha ha ha!

  • Henrique

    Listen you all: the physical LTN does not exist anymore, it has been replaced by the electronic one and the owner gets from BACEN a certificate stating all the above. The ones that have been repactuated/revalidated by TN and BACEN are valid because they are available on screen with CODIP,CODIV and BACEN aswell as Repactuation number and BACEN and TN does confirm its value. That’s it. Stop confusing this market with a lot of BS.

  • Robert

    Of course body we are stupid , like the public Brazilian authorities….. Don’t speak about Rothschild they never spoke by the passed….. And about your cash ???? May be paper for commodities ???

  • aegisadmin

    Yes, there is a comment. Thank You Robert – is what come to mind.

  • claude

    I have access to a buyer who can purchase LTN’s via MT542 from Brazilian central bank. Procedures are below:

    i am direct buyer mandate
    The price is 22% net to seller of actual face value + 3

    Commission is as follows

    1% sell side

    1% buy side

    1% my side

    Seller needs the following in compliance package:

    • Physical scan of LTN front (in the sealed secure plastic).
    • Physical scan of LTN back (in the sealed secure plastic).
    • Certificado Do Tesauro Nacional (orginal)
    • Certificado Do Tesauro Nacional (reissued)
    • Tesauro Nacional (repatriation document)
    • Parecer Tecnico-Pericial
    • Passport Copy
    • CIS
    . Tax receipts

    Seller deposits all documents for the LTN with Central Bank. The buyer verifies the mt542 first, then afterwards makes payment. Central bank releases all the documents to the buyer directly. BACEN is responsible for sending the original documents and transfer of ownership to buyer. Everything will be done through BACEN. All the pages of the packages must be notarized by an attorney. All the information should be placed in one package. No individual documents are to be sent. Buyer will place a 2% non-performance clause in contract to prove his performance. Seller will need to get an official RWA letter from Central bank stating he can send MT542 . Letter should contain sellers name and LTN numbers that will be sent. Or seller needs to instruct Central Bank to issue MT199 Pre Advice asking the buyer’s receiving bank if they are ready to receive the MT542. Then The buyer’s receiving bank will reply MT199 RWA saying yes, they are RWA to receive the MT542.

    All interested sellers please email:

    • aegisadmin

      The valid ones are electronic the other are confetti – oooooh pretty paper….

  • Tariq


    We are working directly with a MAJOR INSTITUTION BUYER/TRUST that is actively purchasing LTN’S PURPLE H & K SERIES. This Major Buyer has a Past Performance history of closing these Bond Transactions.

    Their procedures are very simple:




    NEXT STEP IS FOR YOU TO SCHEDULE A CC WITH SELLER/SELLER REP/MANDATE to discuss more details. The Buyer has 4 different programs available to accommodate the REAL Seller. We await the CC with your Seller.

    *KYC TEMPLATE, OFFICIAL COPY OF PROCEDURES, SAMPLE OF MT 542 VERBIAGE ETC will be provided to the Seller/Seller’s Rep/Mandate after CC with myself.

    We await your reply.

    With Regards,

    Tariq Abdul-Aziz, CEO
    Lucilla International, Inc.
    “We Make Business Happen”
    Tele: 850.345.4562
    Skype: tabdulaziz1

    • aegisadmin

      You are a crack addled twit and you are wasting your time which is even a bigger sin.

  • HARY


    1) LTN H reapactuated
    2) contract signed
    3) seller sends MT 199
    4) seller gets 1 milion in 5 days from receipt of MT 199
    5) seller send MT 542 after receiving USD 1 million
    6) payment of 15 million ( minus 3 million commissions ) NETT 12 million
    15 days after receiving SWIFT MT 542
    7) second payment balance 15 million in 15 days after
    Total payments USD 30 million minus 6 million commissions
    commissions split USD 6 million I am buyer mandate 3 million
    USD 3 milion to you

    FOR BOVESPA I have different BUYER
    1) contract in 48 hrs
    2) price 16+4 of current PU value series H
    3) payments to sellers and IM is 25% per week for 4 weeks
    4) Ownership transfer after 30 days after final payment
    5) can do one tranche upto 50
    6) and come back for more tranches
    7) Buyer is in KOREA

    IF YES WRITE TO US QUICKLY AT globalconnectorsATyahooDOTcom


  • David

    I can’t believe to this day people still try to push this crap. I’ll leave here just for further reference, a Brazilian National Treasure statement regarding LTNs (could only find a pdf version for the English text).

  • John

    Aegis, this is cracking me up! You post a reasoned, factually supported article, and get replies about ‘negotiated values’ for bonds that have been ‘repactuated’ and ‘recorded in the Brazilian debt budget’! People have an endless capacity to be swindled, lol.

    I am an attorney in NY, and I have clients both in the US and Latin America. Some of these clients have approached me with papaer they bought at TTMs (table-top meetings, ha, ha!), and they want to ‘dematerialize’ them. Sorry for all the quotation marks, I am just astounded that the scam has its own jargon.

    I personally have a good friend, an intelligent successful broker in the inter-dealer derivatives markets, who bought into this thing hook, line and sinker. He traveled to Luxembourg to go to a TTM where he would buy paper, deposit it into a company account and list the company for trading on a Lux exchange in order to monetize the LTNs by getting project financing. Of course, he was relying on a Brazilian guy to set up the meeting, arrange bank financing, handle the listing …. thank goodness that when he got to Lux, the Brazilian was nowhere to be found, and the when he walked into the bank to discuss financing they threw him out!

    The funniest is when the idiots hawking this paper call each other ‘joker-broker’ and argue about procedures, SWIFT transfers, etc. The supreme irony is that you try to do a service by exposing the farce, and the cockroaches post offers to sell or buy the crap. No good deed goes unpunished!

    Hey buyers – if you want LTNs, just buy shares of Citadel EFT, Inc. …. oh, yeah, you can’t because the SEC shut it down. Sorry.

    • aegisadmin

      Hey man – this is an electronic journal – don’t stop keep going. Never head of TTM – I love it… Please keep going….

  • Henrique

    Hey you all,
    If your LTN has CODIP/CODIV/BACEN, repactuation code and is on Brazilian National Treasury SCREEN, like mine is, then it is 100% valid. Mine is for sale. hjbdmhathtmcom

    • aegisadmin

      We never said they were not valid – WORTHLESS, absolutely worthless yes. The LTN issued in the 1970’s and 1980′ and 1990 are all out of date, and repudiated and or inflated to a fiscal dust particle. Why do you waste you time with such utter folly – LTN are short term notes and can be redeemed if still of value. Really, why sell it if it is so good, have it redemmed. Ughhhhh


    > Am direct to trader’s office in Hong Kong who is presently buying
    > Venezuela bonds on euro-clear .Need complete information KYC and
    > complete euro-clear pages , If verified that
    > seller is indeed up to sell this bond buyer will close the deal in
    > less than 72 hrs . Contract will be out 3 hours after Complete KYC
    > ,euro-clear pages are submitted and seller has confirmed by phone when
    > trader call then we have closing that is real.
    > Same trader is buying LTN by mt 542 or if LTN is in Euro-clear , Trader
    > will issue contact within 3 hrs is complete KYC and copy of LTN is
    > submitted , You will have to let me know if seller wish to sell or
    > enter PPP because PPP is possible if client submits complete KYC AND
    > ltn BOND COPY .
    > Also same trader is interested in clients with BG CD MTN CASHED BACKED
    > ONLY!!!! Who wish to enter trade only . Complete KYC , bond copy.
    > In Switzerland there is urgent buyer need for Black eagle 1843 pesos ,
    > If you have such seller do let me know along with updated KYC ,perito
    > .
    > Also interested in
    > 1. Liberty 10,000
    > 2.Liberty 100,000
    > 3. Farmer bonds 250,000
    > 4. super petchilli
    > Clean and complete submission will be submitted to the buyer office
    > and clients will be contacted after due diligence vetting is
    > completed .
    > Regards

    • aegisadmin

      EuroClear deletes these posts as soon as they come up. They too know they are bogus.

  • sergio rolemberg

    Hello sir,

    I have seller with 200 LTNs, we can start with one LTN series H. You can choice if prefer repactued, in DTC or in Euroclear. Please, send me your full protocol (price, terms and procedure) and precedent evidence of closing LTN i before.

    waiting your reply,

    Sérgio Rolemberg
    skype: sergio.farias7

  • sergio rolemberg

    Hello sir,

    I have seller with 200 LTNs, we can start with one LTN series H. You can choice if prefer repactued, in DTC or in Euroclear. Please, send me your full protocol (price, terms and procedure) and precedent evidence of closing LTN i before.

    waiting your reply,

    Sérgio Rolemberg
    skype: sergio.farias7

  • Nube

    Does anybody know if there are any modern genuine LTNs available at all? or are all Brazilian LTNs a scam?
    The central bank states it is still issuing them and trading them (from the above links) but are they available outside the realms of a recognised banking institution?

    • aegisadmin

      Yes, they are all in electronic format and available from a reputable licenses securities broker dealer.

  • José carlos de Souza Moura

    Eu tenho compra real para LTNs/1970-Roxas no euroclear ou DTC, com os seguintes procedimentos abaixo, mas a venda terá que enviar o ISIN.
    Tenho também como emitir a MT542-Swift em Brasilia:

    2.1. BUYER’s bank will issue SWIFT MT-103 or another equivalent payment instrument previously accepted by the SELLER & SELLER’s bank, directly to the beneficiaries stated in the Exhibit “B” of this Contract subject to satisfaction of the banking procedures contained in CLAUSE 5 of this Contract and the following conditions:
    Banco do COMPRADOR irá emitir SWIFT MT-103 ou outro instrumento de pagamento equivalente previamente aceite pelo VENDEDOR e banco do VENDEDOR, directamente aos beneficiários indicados no Anexo “B” deste Contrato sujeita a satisfação dos procedimentos bancários contida na cláusula 5 do presente Acordo e as seguintes condições:

    A. The LTN(s) successfully delivered to the BUYER’S Pershing account, AND Pershing successfully confirms the authenticity and value of the LTN(s).
    A LTN(s) entregue com êxito a conta Pershing do comprador, e Pershing confirma sucesso a autenticidade eo valor da LTN (s).

    B. All of the Closing Documents necessary to fulfill this contract shall have been executed and delivered to CitiBank, Sao Paulo for transfer and settlement.
    Todos os documentos de fechamento necessárias para cumprir este contrato tenha sido assinado e entregue ao Citibank, São Paulo para a transferência e liquidação.

    2.2. Currency of Payment: Moeda de pagamento:
    The currency agreed for payment will be made in United States Dollars (USD).
    A moeda acordada para o pagamento será feito em dólares norte-americanos (USD).

    2.3. Delivery and Settlement: Entrega e liquidação:
    Electronic Delivery will be arranged between Bovespa / CBLC and CitiBank, Sao Paulo.
    Entrega eletrônico serão organizadas entre Bovespa / CBLC e Citibank, São Paulo.

    2.4. Purchase Price: Preço de Compra:
    CURRENT MARKET VALUE * 15% in United States Dollars (USD) per LTN, exclusive of any commissions or other financial commitments made by either party. CURRENT MARKET VALUE is defined and agreed as the market value determined by Pershing upon delivery and confirmation of the LTN(s) to the BUYER’S designated account at CitiBank, Sao Paulo.
    VALOR DE MERCADO ATUAL * 15% Taxa de qualificação em dólares norte-americanos (USD) por LTN, excluindo quaisquer comissões ou outros compromissos financeiros assumidos por ambas as partes. VALOR DE MERCADO ATUAL está definido e acordado que o valor de mercado determinado por Pershing após a entrega e confirmação da LTN (s) para uma conta designada do COMPRADOR no Citibank, São Paulo.


    5.1. BUYER issues this draft sales purchase Contract to SELLER for review and signature. SELLER signs and returns to BUYER with a copy of the SELLER’S account statement from BOVESPA or CBLC demonstrating title ownership.
    COMPRADOR emite este contrato de compra projecto de vendas para VENDEDOR para revisão e assinatura. Sinais e retornos VENDEDOR ao COMPRADOR com uma cópia da conta de declaração do vendedor do BOVESPA ou CBLC demonstrando propriedade título.

    5.2. BUYER and SELLER speak to confirm this transaction. BUYER countersigns the Contract and returns to SELLER.
    O COMPRADOR eo VENDEDOR falar para confirmar essa transação. COMPRADOR referenda o acordo e retorna para VENDEDOR.

    5.3. Within 48 hours, SELLER sends to BUYER a copy of the notarized letter instructing the BOVESPA or CBLC to deliver the SELLER’S LTN(s) to the BUYER’S designated Pershing account as provided in the countersigned purchase Contract.
    Dentro de 48 horas, VENDEDOR envia para o comprador uma cópia da carta com firma reconhecida instruindo a BOVESPA ou pela CBLC para entregar LTN (s) do VENDEDOR para o COMPRADOR designado conta Pershing, conforme previsto no contrato de compra assinado.

    5.4. Within two (2) banking days following the confirmation and verification of delivery of the SELLER’S LTN(s), the BUYER and SELLER confirm agreement with the value provided by the Pershing Evaluation Report.
    Dentro de dois dias (2) serviços bancários após a confirmação e verificação da entrega de LTN(S) do VENDEDOR, o acordo confirma o COMPRADOR eo VENDEDOR com o valor fornecido pelo Relatório de Avaliação Pershing.

    5.5. Within two (2) banking days SELLER makes arrangement to have the hard copy Closing Documents delivered to CitiBank, Sao Paulo for custody, transfer and settlement. Dentro de 2 (dois) dias úteis VENDEDOR faz acordo para ter a cópia fechar documentos rígidos entregues ao Citibank, São Paulo para a guarda, transferência e liquidação.

    5.6. Within ten (10) banking days upon receipt and authentication of the Closing Documents by CitiBank, Sao Paulo, the BUYER provides payment of the applicable net purchase price to SELLER’S attorney transacting account via ledger-to-ledger basis within the transacting bank or SWIFT MT-103 UNCONDITIONAL transfer of funds per the instructions provided in Exhibit “B”.
    Dentro de dez (10) dias úteis após o recebimento e autenticação do fechamento Documentos pelo Citibank, São Paulo, o COMPRADOR fornece o pagamento do preço de compra líquido aplicável a conta advogado transacionar do VENDEDOR via base ledger-para-Ledger dentro do banco transacionar ou SWIFT MT -103 transferência incondicional de fundos de acordo com as instruções fornecidas no Anexo “B”.

    5.7. If applicable, within ten (10) banking days, the BUYER and SELLER advance on the sale and purchase of the remaining LTN’s as contemplated on Exhibit “A”.
    Se for o caso, no prazo de 10 (dez) dias úteis, o COMPRADOR eo VENDEDOR antecedência sobre a compra e venda dos restantes LTN de como contemplado no Anexo “A”.

    • aegisadmin

      I approved this comment so everyone can see what utter and total fraudulent BS looks like.

  • SIN

    Hi all. I ask that someone help me, to make some sense of this mail that I received. I obviously got scammed some 18 months ago (don’t feel bad, as I must have been stupid). (xxx denotes redacted text))

    [1:06:57 AM] fXXXXXXX: Just spoke to Dr. HXXXXX in Brazil
    In fact I think he did not understand what we were talking about.
    The reality now is that yes, the only way to have the LTN dematerialized is via BOVESPA.
    To “dematerialize” the bond, some kind of authroization is necessary from the Treasury to place the LTNs on screen. We spoke about the process and it turn out that there are indeed two steps, one being the registration (ISIN) number and the second, the dematerialization and posting on the screen.
    For him to move, I told him that I should have the money available to pay for the dematerialization of her LTN within 2 to 3 weeks, but I needed to have the cost (official and unoffcial). He said he would have on Monday.

    • aegisadmin

      It is a fraud – keep your money in your pocket. If money is gone from pocket alert the authorities and report this man and his email wide and far so others are not scammed.

  • Charlie

    Hi renman or any other poster Can you tell me if an LTN is still capable of being registered electronically or has this window closed. Rgds

    • aegisadmin

      What year? The old papers one are worthless, the new ones are only electronic.

  • Douglas Morrison

    On the face of the bonds themselves, there is neither a maturity date nor an expiration date. Where is it stated that the LTN cannot be redeemed after five years of issuance? Also, as I understand it, these instruments did not accrue interest; they were purchased at auction for a bid amount somewhat lower than the face value of the LTN, which was the amount for which they could be redeemed. If all that’s true, then the value of the LTN, even if duly issued in 1970 or 1972, would have been subject to at least four significant devaluations (five if it was issued prior to May 15, 1970) per your attached chart.

    If an individual actually holds a validly issued LTN from, say, 1972, does it have any significant value? Is there a real market for these instruments? Why do we read here (and in other blogs) about these things being sold via Euroclear and CME? Thanks.

    • aegisadmin

      No – worthless. The debts of brazil have been repudiated and the currency devalued for or fiche times. If valid they would be worth less than a penny, but the debts were repudiated.

  • Ann

    The Legit LTN are not worthless. To close this deal, it is a very straightforward process. There is no such thing as screenshots of bond sending back and forth through emails through brokers. The REAL buyer will NEVER allows this to happen. You are ONLY to provide the KYC and the LTN bond numbers to the real buyer. Yes, you can close via MT542. I just want to tell you not to read too much into the BCB sentences on their website. Note. All fingers are not equal. If you do your homework very very well, you will find out how it can be done Legally.
    Renman.. I like your clue but most does not get it.

    • aegisadmin

      You area fool, a fraud or both. LTN – paper LTN are worthless now. LTN are traded in electronic form only. The MT542 is not a ISO closing documents – it is a form of a standardized message for delivery of an item not the sale of an item.

      FROM ISO 15022 Data Filed Dictionary

      MT542 Scope
      This message is sent by an account owner to an account servicer (account servicing institution). The account owner may be a global custodian which has an account with its local agent (sub custodian) or an investment management institution or a broker/dealer which has an account with their custodian.
      This message is used to:
      instruct the delivery of financial instruments free of payment, physically or by book-entry, to a specified party (the function of the message is NEWM)
      request the cancellation of a deliver free of payment instruction previously sent by the account owner (the function of the message is CANC)
      pre-advise the account servicer of a forthcoming deliver free of payment instruction (function of the message is PREA).
      The instruction may be linked to other settlement instructions, for example, for a turnaround or back-to-back, or other transactions, for example, foreign exchange deal, using the linkages sequence.

      Note message may be linked to OTHER Settlement Instructions.

      So – the FTNs are worthless and so is your advise even assuming the FTN were worth – ohhhh say a penny.

  • Ren Man

    Not listed in Brazil’s Internal Debt Budget = Not going to happen
    LTNs are not listed on E/C; Eurobonds are
    LTNs…they are credit rights..not sold..transferred…but 99.999% not legit
    LTNs cannot be held nor transferred via DTC…these are credit rights…no traded market, cannot be marked to the market, no liquidity, no transfer agent
    Repac, Laudo…etc..most are fraudulent and mean nothing. Has anyone ever seen an official signature that was not a squiggly line, that actually had a name and title of whomever signed it…nope…fake

    • aegisadmin

      They are not even rights, and those rights have been expunged through two different debt reschedulements. They are BS. (Bad Script)

  • Willi

    I have LTN in the bank national of Brasil i want to sell them.

    • aegisadmin

      I’ll give you $20 for one for my wall

  • Hashim almosawi

    Good Day

    I’m direct with buyer
    Any one have LTN
    Pleas contact to me

    Skype : almosawi111

  • srinivas

    Request you to kindly let us know whether LTN H 307102 and LTN M 002751 issued in 1972 are genuine or Fraudulent.

    • aegisadmin

      while I am guessing they might be real, they are utterly worthless – please read the full article as well as the embedded explanation on Brazilian defaults.

  • Rodrigues

    LTN are not worthless do your homework better, i have friends that sold theirs for a Bank and they were checked by. the Tesouro the Bank did their DD with the Central Bank of Brazil.

    But, there are fakes.

    • aegisadmin

      1972 LTN are not fakes – they are utterly worthless due to hyper inflation and 5 currency deviations and debt debt repudiations. Please read the article closer and pay attention to the detail.


    I have several Brazillan H Series Bonds LTN…Purple…H Series…KYC…CIF…COMPLETE!

    Was presented to Euro Clear on 06/24/2015 for compliance and was accepted to be placed on Screen as soon as the fee of $$88,000 Euros was paid to place said LTN on Euro Clear.

    The owner of the $ 88,000 will be reimbursed his $ 88,000 Euros before anyone collects.The owner of the LTN and the owner of the $88,000 will split the profits 50-50 after disbursement
    of all commissions and mediaries commissions.

    Kevin J Britton
    Jersey City Technology Partners

    • aegisadmin

      I shall advise EuroClear of the transaction so the fraud can be taken down.

  • Eriton S. Assis


    Eriton S. Assis
    Assessoria e Consultoria em Negócios

    • aegisadmin

      You are dealing in worthless securities.

  • David

    Dear All, i’ve been working through that stuff,since the historic 70’s bond is electronically registered in BM&F BOVESPA it représent à collateral value, in financial world.Thus china central Bank Did bought massivly that bond’s legally.About the value, i think it dépend on who hold it? Of course inside brasil they are worthless as gov don’t want to assume responsibility for being obligated to pay for that at maturity.Then become informations campaign from nacional treasury of brasil saying they are fake! Thus any private owner don’t have the capacity to register the asset in Euroclear, Bloomberg or other, either the knowledge how to proceed.I did personally made à deal with Citi Bank us, and they Did accept it as collateral ! Of course the LTN been confirmed by MT 542 from BCB.
    So, if you are a Bank, or a financial institution, registered in Euroclear, your LTN as value.If you own an historic LTN, at home and it is not register in financial Market it doesn’t worth nothing.A LTN bond should been in the system of financial Market and up to date, then autorized to use it, and carry it by Tesoro nacional that give the autorisation, wich is not easy to obtain.then have it on market screen, then ask from BCB to confirm it by électronique way, Once it is issued by BCB by Swift, or issued by Euro clear by DTCC, then it as value not before.

    • DiligentAdmin

      No – you are barking mad – the LTN from 1970 and 1980 have all been officially repudiated. They are not good you knucklehead.

  • Antonio

    Hereby an overview for the LTN transaction in trade, New platform gives really interesting earnings and they raised the bar, to be eligible, LTN needs to be listed on Bovespa or Blackscreen or Euroclear, or have a bank SKR. We get a few, but the majority are only repact and they didn’t pay the 2016 Taxes…

    • DiligentAdmin

      You are a fraudster – you know nothing and will lose you money and other money and you will go to jail.

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