The International Financing Review, the top capital markets publication worldwide, has named IFC's Amazônia Bond in Brazil the Best Latin America Domestic Currency Bond in its IFR 2007 Awards. The award reflects IFC's innovation and perseverance in helping develop the local reais market and paving the way for other issuers.
IFR's announcement notes that "IFC's well-priced and well-executed R$200 million three-year bond set a number of important precedents and founded a new Amazônia bond market. The transaction constitutes an important milestone in the development of Brazil's capital markets."
This is the first time that IFR has included IFC in its annual recognition of international achievement. IFR usually reserves major awards for bigger issuers. But according to IFR, IFC's Amazônia Bond has been "outstanding for its sophistication, perseverance, and innovation." IFC has been preparing this bond issue for over four years.
A landmark transaction, the bond makes IFC the first international issuer to tap Brazil's domestic market. It has also helped establish a legal framework that will allow other foreign issuers to go local in Brazil.
Looking ahead, IFC Vice President, Finance and Treasurer, Nina Shapiro, said, "It is clear that we will leverage our contacts with key banks in Brazil, who now understand better the products and credit that IFC can provide in structured finance, derivatives, and syndications. This will help further our development agenda for the country, which includes helping develop capital markets and promoting access to finance."
For full story, visit the IFR Web site at www.ifre.com.
For more information contact:
Adriana Gomez
Senior Communications Officer
Phone: +1 (202) 458 5204
E-mail: agomez@ifc.org
Published December 18, 2007
