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Midsize Brazilian lender Daycoval's board of directors has approved another extension of its swap agreement with Credit Suisse (NYSE: CS) via its local multimarket fund, Daycoval said in a filing with São Paulo's BM&FBovespa stock exchange.
The agreement follows a decision originally made in September last year. Swaps can have a maximum term of 365 days and will be based on Daycoval's preferred shares, trading under the ticker DAYC4 on the BM&FBovespa.
In January and June, Daycoval extended similar 365-day swap agreements with Credit Suisse, originally signed in the same months in 2010.