The world’s best borrowers in 2006
Most borrowers are pleased if they manage to execute one or two eye-catching deals in a year. Over the past 12 months Brazil has achieved that and much, much more.
In that time the sovereign has executed a number of impressive new issues, pulled off a historic liability management trade, repaid the Paris Club of official creditors ahead of schedule, repaid the IMF two years earlier than required, embarked on a programme to reduce its dollar exposure and pushed through reform that encourages foreign investors to buy more local-currency bonds.
If all that was not exciting enough, Brazil lost its two most senior financial officials along the way – Antonio Palocci and Joaquim Levy, finance minister and treasury secretary respectively, at the end of March – yet their departures have had little impact on the sovereign’s reputation as a top-quality borrower.
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