With that sort of competition, no company wants to have to overcome a zip-code problem before it can start to compete. But until now CVRD has always had a certain Brazilian air to it. Sometimes, that’s an advantage: given how liquid Brazil’s banks are means that it can generally borrow money at razor-thin spreads. But more often it’s still a disadvantage when it comes to raising international capital.
Until now.
With its issuance in June of $1.9 billion in hybrid securities, CVRD has shown that Latin America’s largest companies...
