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) transaction...
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