It’s the end of an era in Brazil. On October 17, the sovereign will mop up the last 20% of its outstanding C bonds, exercising its option to call them at par. The move will mean that Brazil’s status as a Brady bond debtor will officially be over. Brady bonds – restructured sovereign loans backed by US treasury bills – were created to help overcome the Latin American debt crisis of the 1980s. Many sovereigns are now keen to retire this debt.
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