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Can Lower Rates Rouse Brazil’s Credit Market?

Dec 5, 2011

Brazil’s local debenture market should see an increase in volumes and a well-needed dose of issuer diversification if the country’s interest rates reach single digits and stay there, say bankers and investors. Lower rates could break pension funds’ addiction to government paper as they would have to seek yields in corporate debt, spurring an expertise in credit analysis among investors. At least that is the hope. “Pensions will...

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"[While] it’s good to build more infrastructure and increase investment, you have to be conscious about the macro effects of too big an increase in domestic demand, including of course public expenditure."

Julio Velarde, Peru central bank


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