Toll Road Sale Ends Brazil DCM Year on Strong Note
Brazilians are hopeful 2013 can top this year’s domestic bond market volume, with interest rates and the country’s infrastructure needs among the catalysts. In a positive sign, toll road operator Concessionaria Auto Raposo Tavares (CART) raised BRL750m ($357m) while getting foreigners to buy infrastructure debentures for the first time, in what is likely the domestic market’s final widely-distributed debenture sale of 2012. Volume for such deals, known as rule 400 transactions, stands at BRL14.30bn through Monday, according to the CVM, if large bank leasing...
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