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 generate substantial international orders for the first project-finance structured debenture issued in the Brazilian capital markets.
Then, on June 4, they were told that the Brazilian government had announced that it was scrapping the IOF tax that required international investors to pay 6% to buy Brazilian debentures.
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