The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Brazil: Difficult times are lucrative for debt bankers

As the equity market continues to struggle in Brazil, the local debt market is growing in importance. The challenge is to find enough bankers to fill the demand.

"Over the past three years the banks have focused on the equity markets," says one banker. "They have hired and trained equity bankers. Now the equity market has taken a turn for the worse and we need to deliver more sophisticated debt solutions. But there aren’t enough experienced and trained debt bankers. It’s becoming a serious problem."

Brazil’s primary equity issuance has fallen from 64 IPOs in 2007 to only four so far this year. Equity pricing remains difficult and even the follow-on trades that have come to market have struggled. The debt market has suffered too – which is not surprising given the turmoil globally – but, as non-investment grade corporates struggle to raise funds in the stock market, they are turning to the local debenture and securitization markets instead.

"We are doing a lot of ABS deals now. Last year I pitched ABS deals to corporates and banks and they all said ‘no’. Now they are calling me asking for help to release more cash," adds the banker.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.

By continuing to use & browse the site you agree to our Privacy Policy.
I agree