| For further debt market coverage |
| EU debt markets Will the bank bail-in make bond investors bail out? High-yield dominates corporate market CEE debt markets Latin American debt markets North American debt markets |
Investors rate the Republic of Brazil as the most attractive Latin American sovereign credit but it is likely that demand will exceed supply in the coming years. Brazil’s steady accumulation of international reserves, now valued at $320 billion, and an active liability management programme with regard to its external debt mean that the country has no need to raise finance in the international markets. According to Paulo Valle, undersecretary of public finance at the Brazilian treasury, the strategy for future bond issues is solely to improve the profile of designated yield curves. "We don’t have any needs in foreign currency because of our international reserves," says Valle.
