Cruzeiro Impact on Peers Seen as Temporary
Despite assets taking a hit, investors were not terribly concerned for the Brazilian mid-size banking sector following the announcement of a temporary takeover of payroll lender Cruzeiro do Sul, citing noncompliance with financial standards. Cruzeiro’s bonds dropped Monday, with the 2020's closing at 48-54, or 22% yield, according to investors, down from levels of around 80. B2 rated Cruzeiro’s troubles may cause an uptick on borrowing costs, but it is not expected to be permanent. “There is...
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