Locals Key to Infrastructure Debenture Success
Now that Brazil's government has better defined the infrastructure debenture class, bankers and issuers expect the first issuance this month and see the asset as a pillar in transforming the country's domestic bond market to one eventually featuring broader investor participation, longer maturities and secondary trading. With foreign investors - beneficiaries of an IOF tax exemption - difficult to lure, local buyers are the key in the early development of the asset class. "Infrastructure bonds should extend tenors, most of these bonds go beyond the 10-year mark,...
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