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Bond Markets in Latin AmericaOn the Verge of a Big Bang?$
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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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Development of the Brazilian Bond Market

Development of the Brazilian Bond Market

(p.185) 7 Development of the Brazilian Bond Market
Bond Markets in Latin America

Ricardo P. C. Leal

Andre L. Carvalhal-da-Silva

The MIT Press

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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