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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