Becoming the Benchmark

Becoming the Benchmark

Bonds

Brazil's C-Bond is more than just another Brady. It is a landmark in the emerging market asset class. It is the largest, most liquid of all the Bradys. Last year's trading volume totaled $289 billion. Its launch in 1994 was particularly auspicious, coming in the year the government launched its Real Plan that crushed inflation and marked the beginning of a period of reform and growth. William Rhodes (see page 67) chaired the banking committee, made up of several international banks including Morgan Guaranty, Lloyds, Chase Manhattan and Chemical Bank, which negotiated Brazil's Brady Deal. Then in 1997, the government issued a $3 billion, 30-year bond - at the time, the largest glo

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