“The overwhelming message we got was that we like Brazilian debt very much, and we’re not willing to part with it for cash,” says co-lead manager Credit Suisse’s Brazil head José Olympio. “Although the government would have liked to buy more debt, it was a pleasing message.”
Carlos Kawall, Brazil’s treasury secretary, told journalists: “We’ve identified that demand was less than expected. The fact that demand was weak, especially in shorter papers, indicates that investors are happy to keep our paper even at a time of greater volatility.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
