Latin American debt markets: Local currencies thrive

These local-currency global bonds are not new – sovereigns such as Brazil and Colombia were both active issuers before the financial crisis. Indeed, Brazil sold its first global reais bonds in more than three years last month through a R$1 billion tap of its 2028 notes. The deal, which was priced to yield 8.85% – compared with 10.68% when the 2028s were originally sold in 2007 – was increased from an initial R$750 million on the back of strong demand.