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Homebuilder Follow-On Fates Diverge

Oct 2, 2009

Two Brazilian homebuilders priced follow-ons last night, but only one emerges victoriously. PDG Realty and Rossi Residencial operate in what investors are calling a positive environment for Brazilian homebuilding, given strong internal demand, falling interest rates and a robust low-income initiative by the government. But PDG, whose stock has more than doubled since its IPO, is the only one of the two that...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management