Best Infrastructure Financing, Brazil
A toll road deal advanced Brazilian project funding when it sold the first large, widely-marketed infrastructure debenture to international accounts
Concessionária Auto Raposo Tavares (CART)
For years, Brazilian officials have schemed ways to deepen the local bond, or debenture, market. Bankers say the rules set up by Law 12,431 — known as the “infrastructure debenture” law — are set to be as effective as anything in getting more issuers to opt for the Brazilian markets. The dramatic reduction in Brazilian interest rates has also spurred interest in local fixed-income markets. A 2013 pipeline featuring Oi and parts of Cosan suggests the debentures are indeed catching on.
The 750 million real ($370 million)...
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