Brazil is considering selling as much as $2 billion in overseas debt in its first issuance since a corruption scandal all but shut off the country from capital markets last year, according to a government official.

The South American nation is contemplating a sale of 2025 bonds as soon as this month, according to the official, who asked not to be named since discussions aren’t public.

The move comes less than two weeks after state-run Petroleo Brasileiro, embroiled in a corruption scandal, reported audited results following a five-month delay. The oil producer's lapse had made it almost impossible for Brazil and its companies to sell bonds.

Deputy treasury secretary Paulo Valle said in April that the government, which last sold bonds in September, would consider an offshore debt offering by the end of June.

The government is waiting for a clearer outlook on monetary policy in the US and would consider a debt sale attractive when the spread between Brazil’s 10-year bonds and similar- maturity US treasuries falls to 1.5 percentage point or less, according to the government official. Brazil’s existing 2025 dollar bonds yield 2.32 percentage points over US treasuries. – Bloomberg