Brazilian State Plans Pass-Through Note

Brazilian State Plans Pass-Through Note

Brazil Bonds Loans

The Brazilian state of Maranhao is poised to follow the path set earlier this year by Minas Gerais and sell bonds in the international market backed by a government-guaranteed loan. The Brazil Loan Trust I special purpose vehicle is preparing to sell $662m in new senior secured 2023 pass-through notes this week, giving investors access to Brazilian state-level risk and indirect access to the federal government. The BBB/BBB 144a/RegS bonds have a 6.5-year average life and a 5.477% $662m Brazilian

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