Tag Archives: bndes

Brazilian government to press ahead with reform of TJLP

The Brazilian government is resisting pressure to reconsider its proposal to change how BNDES, the state development bank, charges interest rates to lenders. The government has written a bill that will phase out the current long-term TJLP rate – which … Continue reading

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The sucking sound of Brazilian interest rates

Brazil’s economy leads the world in high interest rates. It is a blessing for banks but a burden on the economy – draining resources away from both new investment and consumption. Will new credit platforms finally jolt the established banks … Continue reading

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BNDES – extrication impossible

With a struggling economy, Brazil will continue to rely heavily on its state development bank to provide long-term finance for crucial infrastructure projects, unless private-sector alternatives can be found. Brazil’s state development bank, BNDES, has strongly denied market rumours about … Continue reading

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LatAm DCM: Frequent issuers eye euro arbitrage

Brazil’s Petrobras shrugged off market concerns about its deteriorating financial leverage and a potential threat of downgrades to attract hefty demand early in January for its $5.1 billion-equivalent international debt capital markets transaction. Three euro-denominated tranches sold for a combined value of … Continue reading

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DCM: LatAm issuers enjoy Fed-sponsored harvest

Issuers from Latin America have taken advantage of the improvement in the international debt capital markets following the US Federal Reserve’s decision not to taper its $85 billion monthly asset purchase programme. The decision, which was contrary to most observers’ … Continue reading

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BNDES strategy confusion

The level of commitment of Brazilian development bank BNDES to support new capital market structures to finance infrastructure projects has been thrown into doubt by the bank’s recent strategy. Despite the bank’s clear official commitment to help develop alternative capital sources – … Continue reading

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Rodovias do Tietê closes Brazil’s first project finance bond at second time of asking

On the first evening of their international roadshow, Rodovias do Tietê’s CFO, Ricardo Oliveira, and its controller, Thiago Jordão, were in Chile’s capital, Santiago. The first day had gone well and hopes were high that the following two weeks would … Continue reading

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