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Economy & Business - September 2004
Brazil capitalises on Moody's upgrade
The upgrade in Brazil's credit rating by Moody's (see p10) came at an opportune moment. The country was finalising a debt issue of Euro750m. The issue was the country's first in Euros since President Lula da Silva was elected.
The bonds sold well. Initially the treasury secretary, Joaquim Levy, expected to issue bonds worth Euro500m. Stronger-than-expected demand, which reached Euro2bn, according to the lead managers, prompted an increase in the issue size.
The new bonds will be due for payment in September 2012 and will pay 8.7% in interest.
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