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Economy & Business - April 2006
Brazil: Bradies bought back
The government estimated that will save US$4.5bn after it bought back the last Bradies (bonds issued following the debt default in the 1980s) on 18 April. The government bought back the outstanding Bradies, which had a face value of US$6.63bn, as part of its strategy to clean-up its foreign debt and move towards an investment grade rating from the international credit rating agencies. The government exercised its option to call (ie buy back) five series of Brady bonds, all issued in 1994. It had announced that it would do this in February.
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