Brazil’s Treasury on Wednesday revised its 2021 debt predictions and funding strategies, painting a slightly brighter image for public financing since it estimated a portion of the nation’s debt profile and also an increase in floating rate issuance.

The revisions follow a few months of listing tax earnings, surprisingly optimistic domestic financial indicators and a powerful international economic recovery. Economy Minister Paulo Guedes said on Monday that the market could grow by up to 5 percent this year.

“The new parameters imply less refinancing threat, because there’ll be less concentration of short-term debt,” the Treasury said.

The average maturity of Brazil’s debt profile that this season is predicted to extend to between 3.4 and 3.8 decades, compared to the 3.2 to 3.6 years prediction in January, and for its share of debt maturing within the next 12 weeks to be between 22% and 27%, down from 24% to 29 percent.

The Treasury said it anticipated fixed-rate debt to accounts for between 31 percent and 35 percent of the entire inventory down from between 38% and 42 percent prediction in January, and floating rate securities connected to the central bank Selic speed up to 33%-37% from 28%-32%.

Spreads have stayed broad and the prices curve remains steep, due to investor uncertainty over the public financing. Guedes and other officials insist that these worries will ease if the market keeps growing and Congress moves the government’s economic reforms.

Treasury statistics on Wednesday revealed that Brazil’s national public debt dropped 2.9percent in April in the month earlier to 5.09 trillion reais, although the total national debt stock dropped 2.7percent to 4.85 trillion reais.