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Bond Markets in Latin AmericaOn the Verge of a Big Bang?$
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Bond Markets in Latin America: On the Verge of a Big Bang?

Eduardo Borensztein, Kevin Cowan, Barry Eichengreen, and Ugo Panizza

Print publication date: 2008

Print ISBN-13: 9780262026321

Published to MIT Press Scholarship Online: August 2013

DOI: 10.7551/mitpress/9780262026321.001.0001

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PRINTED FROM MIT PRESS SCHOLARSHIP ONLINE (www.mitpress.universitypressscholarship.com). (c) Copyright The MIT Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in MITSO for personal use.date: 05 March 2021

Development of the Brazilian Bond Market

Development of the Brazilian Bond Market

Chapter:
(p.185) 7 Development of the Brazilian Bond Market
Source:
Bond Markets in Latin America
Author(s):

Ricardo P. C. Leal

Andre L. Carvalhal-da-Silva

Publisher:
The MIT Press
DOI:10.7551/mitpress/9780262026321.003.0007

This chapter identifies the main determinants of Brazilian corporate bond financing and discusses what can be done to promote the development of that market. Although the market has rapidly developed since the inception of the Real Plan in July 1994, interest rate spreads and general credit default rates remain high. Increasing domestic credit demand by the federal government may also crowd out other borrowers with a combination of attractive interest rates and favorable prudential treatment of government debt relative to corporate debt, providing little incentive for more credit to the private sector.

Keywords:   Brazil, bond markets, corporate debt, domestic credit, public finance

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