BEST QUASI-SOVEREIGN BOND
Brazil’s BNDES has become a regular in the DCM after returning in 2008 from a 10-year hiatus.
It has needed to be, what
with it almost single-handedly propping up the long end of
Brazils lending curve. In September, it tapped into
growing global enthusiasm for the sovereign by hitting up euro
accounts for the first time.
"The issuance of euro bonds allowed BNDES to diversify its
investor base, representing the first LatAm financial
institution or development bank to access the euro market since
2007," says Sérgio Foldes, BNDES director of
capital markets. "BNDES successfully established a new funding
market as well as created a benchmark for Brazilian
quasi-sovereign risk in euro, which may serve as...
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