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This is offer is intended for owners (institutional and accredited high net worth investors) with Seasoned Brazilian LTN (treasury) Bonds, that are looking for an exit buyer.



Dear institutional and accredited high net worth investor,

SRM Services Limited now has a purchase program for LTNs that have been dematerialized and that now exist only in electronic form. In the past they have been unable to accept dematerialized bonds for the LTN purchase program described below because a key element of that program involves placing the LTN under SKR--and the banks will not issue an SKR without physical documents. If LTNs that you have previously submitted for this purchase program are now dematerialized, please be aware that those bonds may now be eligible for purchase by our new LTN program described here.


As indicated in the LTN information presented elsewhere in this website, SRM is no longer required to obtain "current" BCB Transport Authorizations and proof of "current" GRU payments before submitting a file to the program for registration. The new requirements are presented below. Also, please ensure that any package you send to SRM has current front and back photos of the physical LTN(s).


SRM History with LTNs:

Since 2013 the SRM Services LTN Team has evaluated and tested over a 100 different LTN Trade and/or Sale Programs (programas letras do tesouro nacional). Most of these programs were not worth the paper upon which they were written. As every bond owner knows, navigating the processes required to complete an LTN transaction is very complex and difficult. Recurring events such as inconsistent guidelines from the Central Bank of Brazil (BCB), untimely downgrading of Brazil's government debt by credit-rating agencies, turmoil in the financial markets related to AML legislation and BASEL III banking requirements have created an environment that required LTN programs to undergo restructuring, often multiple times. And when this is combined with unprofessional behavior from uninformed or less than ethical "online brokers," life in the LTN arena has been challenging.

In 2021, despite unexpected delays encountered since mid-2018 that had hindered this LTN program's purchasing activity, we have maintained a consistent rate of success regarding (perhaps the only) our LTN program performance. This is the only program we know of that uses a transaction process that has kept pace with the ever-changing and challenging issues associated with selling LTN bonds. We urge our bond owner clients to carefully consider submitting at least some of their bonds to the queue that is been steadily growing with clients. We now have over 100s of LTN packages officially submitted to this purchase program with the first purchases that started in 2020.

If you have Series H, J, K, L, M, R or Z Series Letras do Tesouro Nacional (LTNs) that are fully and legally registered with the Central Bank of Brazil, then the information below should be of interest to you--and you may want to consider having SRM Services enter your bonds (or your client's bonds) into this program's queue. This LTN purchase program gives highest priority to bond portfolios that contain H-series bonds followed by M-series and R-series bond portfolios. Next priority is given to all other series bonds except Z-series bonds, which are prioritized last because of the fraudulent activity frequently associated with Z-series bonds.


Purchase Program Available:

At no up-front cost to bond owners who are able to present eligible bond portfolios, this LTN purchase program provides access to institutional LTN buyers willing to provide sale proceeds equal to approximately 18% of the LTN's future value (PU+), gross to the bond owner. This represents a price that will range from approximately $300M - $400M USD for an H-Series bond (depending on the maturity PU value of the bond and a BRL/USD exchange rate of .185), with correspondingly higher prices for higher value bonds. While this LTN purchase program has institutional buyers willing to buy any LTN bond series, the Program Manager reports greater initial demand for H-series and M-series bonds.


Priorities of SRM Services:

Recognizing that larger bond portfolios are frequently more attractive to Buyers, it should be noted that the priorities of this LTN purchase program are currently:

  • Priority #1: processing H-series (the highest demand bond series) and M-series bond portfolios.

  • Priority #2: processing bond portfolios containing: R-series, J-series, K-series, L-series bonds.

  • Priority #3: processing Z-series bond portfolios.


Initiate Your LTN Connection with SRM Via us


Required LTN Information:

​Criteria for receiving LTN program assistance from SRM Services:​

SRM will work directly with the LTN owner as required by the purchase program.

The bond portfolio must contain:

  • CIS & PP from bond owner (full KYC documents are not required)

  • Bonds titled in the name of the CIS Applicant

  • STN bond documents actualized (updated) in 2017 - 2021

  • The most recent BCB or STN Transport Authorization (even if bonds are outside Brazil)

  • The most recent GRU & Tax Receipts showing that taxes have been paid on the bonds

  • Corporate Resolution signed by the President and Signatory (if the CIS is from a corporate entity)


Other items that are helpful (if available) but not required are:​

  • STN black screen pages produced in 2017 - 2021

  • Screen shots of the complete 21-page Euroclear file dated within the last 30 days.


Upon receipt of all required bond documentation, SRM will provide a Bond Package Summary & Genealogy document to obtain the information necessary to prepare a Profit Share Agreement (PSA) between SRM and the Bond Owner.

The final item required by SRM prior to package submission to the LTN Purchase Program is the PSA, signed and notarized by the Bond Owner and SRM. (The PSA will ensure that all eligible consultants will be compensated.)


* For LTN owners who do not speak English, the SRM Team has Portuguese/English translation services available through our attorney associate in Lisbon, Portugal.


If you are interested in Imporio Consultants Limited arranging this over-the-counter offer as your consultant or intermediary, and have any more questions kindly contact us today.


Mr. Lee A. Blackman

Managing Director

Tel: +297 742 1400



We are registered associates of SRM Services Limited.

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