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
The 750 million real ($370 million)...
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