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Capital Markets

Best sovereign/supranational/agency borrower – Latin America: Federative Republic of Brazil

Despite changes at ministerial level, the country has achieved much in 12 months.

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. The new team of Guido Mantega and Carlos Kawall, as finance minister and treasury secretary, are keen to build on the previous regime’s successes.


“The new team is working on continuity,” says Kawall, who adds: “The national treasury has strengthened its institutional robustness, guidelines and routines in order to achieve its positive results.”

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