Par-for-Par Breakthrough

Par-for-Par Breakthrough

Brazil

Brazil shrugged off concerns over contagion from Argentina and a weakening real to execute a groundbreaking $2.15 billion 'par-for-par' exchange offer in March, led by joint bookrunners Citibank Salomon Smith Barney and Credit Suisse First Boston. Daniel Gleizer, international affairs director at the Central Bank of Brazil, says the exchange enabled Brazil to attract a new investor base: international banks holding Bradys on their books. "It took us two years to come up with this structure," says Gleizer. "We needed to attract banks holding original pars, discounts and Brady debt, and find a structure that that would be compatible with their constraints." Richard Madigan, fund manager at Off

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