NEW YORK -- Chase Manhattan Bank said its corporate trust division was named fiscal agent by the Republic of Brazil to administer the country's issuance of more than $40 billion of Brady bonds.

As fiscal agent, Chase said it will facilitate the movement of cash and securities among capital markets worldwide, and perform the record-keeping functions regarding ownership of the bonds, payment, and principal.

In 1990, Chase was named the fiscal agent for Venezuela's sale of $19 billion of Brady bonds -- bonds denominated in dollars and whose principal is secured by U.S. Treasury bonds.

The bank said Brazil plans to issue the Brady bonds once its commercial bank debt restructuring plan is finalized.

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