Playing to the Audience

Playing to the Audience


Brazil, always among the most accomplished emerging-market issuers, performed exceptionally in 2005. Joaquim Levy, Brazil's treasury secretary, took over responsibility for international issuance from the Central Bank a year ago, and through a few deft deals has altered the country's international debt profile significantly. Under Levy's command, Brazil exchanged its C-Bond, the collateralized Brady bonds that for years were the benchmark bond of the emerging market asset class, for a new plain vanilla A-Bond of pure Brazilian risk (see "A (Fabulous) Bond," p.29). He led issuance of the sovereign's first global bond denominated in reais for an impressive 10-year tenor, which at $1.5 billion

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