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Brazilian Bond Market Sets Brisk Pace

Feb 15, 2012

The prospect of lower rates and stronger global markets are spurring a surge in local bond issuance in Brazil where, according to Anbima and CVM data, volumes have reached BRL6.39bn ($3.72bn) year-to-Tuesday. This week’s upsized BRL405m bond from BRMalls marked the first fully marketed deal of the year, and underscored the healthy appetite for paper in this market. This year’s total easily surpasses the BRL3.09bn and BRL1.73bn recorded through the corresponding periods in 2011 and 2010, respectively. “Improving global markets are making investors increase risk in their portfolio, and the...

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"With exess cash sitting on the sidelines, and an increase of new names to the bond market, investors nned to become more selective on new potentially illiquid names that have come to market. The big theme this year is to be cautious."

Roberto Sanchez-Dahl, Senior Portfolio Manager, Federated


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