BEST BOND, BEST INFRASTRUCTURE FINANCING: BRAZIL

BEST BOND, BEST INFRASTRUCTURE FINANCING: BRAZIL

    Financing infrastructure projects in Brazil invariably includes raising funds in local currency. Until recently, that meant asking for a loan from the national development bank BNDES. But Centrais Elétricas de Sergipe (Celse) broke the mold when it turned to both bond buyers and multilateral lenders to raise $1.46 billion for the Porto de Sergipe I liquefied natural gas (LNG) power plant. Celse’s innovative approach, which also includes a bond guarantee from the Swiss export credit agency SERV, has earned the power company the awards for Best Bond and Best Infrastructure Financing: Brazil. “We started in 2016, which was a difficult time for Brazil. As we contacted banks, we found th

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