October 4, 2004
Brazil's economy is going from strength to strength. Moody's and Standard & Poor's both upgraded Brazil in September. But that has not translated into smooth access to the international debt capital markets. Brazil has come to rely more heavily on the dollar following Argentina's 2001 default that decimated the European and Japanese retail markets, once an important source of financing for Latin American sovereign issuers. Yet dollar market investors have waxed and waned. So Brazil looked across the Atlantic for support.
In September, Brazil sold a ?750 million eight-year bond lead-managed by joint bookrunners UBS and Dresdner Kleinwort Wasserstein. The Brazilians went to the mar
Brazil returns to the European bond market for the first time in two and a half years and finds strong demand among Europe's growing pool of institutional investors.