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Brazil

KEY INDUSTRY VIEWS: BRAZIL

DOCUMENTATION: BRAZIL

NEW DEVELOPMENTS

April 29, 2013
EMTA Forum in Sao Paulo to be Held on May 23, 2013. Click Here to Register.

November 6, 2012
EMTA updates its Recommended FX and Currency Derivatives Market Practice No. 45 on Determining Barrier Breaches in BRL Non-Deliverable Continuous Barrier Option Transactions. CLICK HERE to view this updated Market Practice.

March 14, 2012
Murillo De Aragão, GlobalSource Partners and Arko Advice, Brazil, to Deliver Keynote Address at Fifth Annual EMTA Forum in São Paulo on April 23, 2012. Click Here to Register.

December 15, 2011
BM&F and BOVESPA Press Release on New Reference Rates.

November 17, 2011
Standard & Poor’s Upgrades Brazil’s Long-Term Foreign Currency Sovereign Credit Rating from BBB- to BBB.

June 20, 2011
Moody’s Upgrades Brazil’s Government Bond Rating from Baa3 to Baa2.

May 25, 2011
Circular 3.506 of the Banco Central do Brasil Regarding Changes to the PTAX Rate Methodology (in Portuguese, with an unofficial English translation).

May 10, 2011
Presentation by Aldo Mendes, Director of Monetary Policy at the Central Bank of Brazil, at EMTA Forum in Sao Paulo.

April 6, 2011
Aldo Mendes, Director of Monetary Policy, Central Bank of Brazil, to deliver keynote address at Fourth Annual EMTA Forum in São Paulo on May 10, 2011. Click Here to Register.

April 4, 2011
Fitch Upgrades Brazil’s Foreign-Currency Issuer Default Rating from BBB- to BBB.

December 16, 2010
Banco Central Do Brasil Amendments to the PTAX Rate Methodology (in Portuguese).

Banco Central Do Brasil Amendments to the PTAX Rate Methodology (in English).

September 23, 2010
Circular 3.506 of the Banco Central do Brasil Regarding Changes to the PTAX Rate Methodology (in Portuguese).

April 13, 2010
"Five Former Central Bank Directors Discuss Economic Brazilian Economic Outlook at EMTA Sao Paulo Forum."

"Brazil: Growth, Balance of Payments and Inflation." Keynote Address by Affonoso Celso Pastore, former President of Central Bank of Brazil at EMTA Sao Paulo Forum. (English version).

December 3, 2009	"Brazilian Politics: 2010 Elections Monitoring" Keynote Presentation by Murillo de Aragao (Arko Advice at GlobalSource Partners) at EMTA Annual Meeting.
October 2, 2009	WSJ NEWS ALERT: Rio de Janeiro Selected as Host City for 2016 Olympics.
September 22, 2009	Moody's Upgrades Brazil's Long-Term Foreign Currency Rating from Ba1 to Baa3 (Investment Grade).
May 11, 2009	"Brasil: De Desacoplado para Reacoplado e Agora Resistente." Presentation by Ilan Goldfajn at EMTA’s Forum in Sao Paulo.
April 6, 2009	EMTA Forum - São Paulo To Be Held on May 11, 2009.
October 29, 2008	US Federal Reserve Press Release on Swap Lines with Brazil, Mexico, South Korea and Singapore.
May 29, 2008	Fitch Upgrades Brazil's Long-Term Foreign Currency Rating from BB+ to BBB-.
May 13, 2008	Brazil Announces Creation of a Sovereign Wealth Fund.
May 12, 2008	EMTA Publishes BRL Fixed Income Market Practice.
May 5, 2008	EMTA Forum - São Paulo To Be Held on May 28, 2008. Click Here to Register.
April 30, 2008	Standard & Poor's Upgrades Brazil's Long-Term Foreign Currency Rating from BB+ to BBB- (Investment Grade).
April 22, 2008	EMTA Special Presentation "Corporate Bond Covenants: Brazil" in NYC on May 16, 2008. Click Here to Register.
April 17, 2008	Save the Date! EMTA's Forum in São Paulo Scheduled for Wednesday, May 28, 2008. Invitations to be distributed shortly.
August 23, 2007	Moody's Upgrades Brazil's Foreign-Currency Rating from Ba2 to Ba1.
May 30, 2007	Special Presentation: "A Shortcut to Local Markets in Brazil" Click Here to View the Presentation by Itaú Corretora Click Here to View the Presentation by Unibanco Brazil Click Here to View the Presentation by Banco Votorantim S.A.
May 16, 2007	Standard & Poor's Upgrades Brazil's Long-Term Sovereign Credit Rating from BB to BB+.
May 15, 2007	EMTA to Hold a Special Presentation "A Shortcut to Local Markets in Brazil" in NYC on May 30, 2007. Click Here to Register.
May 10, 2007	Fitch Upgrades Brazil's Long-Term Foreign Currency from BB to BB+.
May 9, 2007	Save the Date for EMTA's Special Presentation: A Shortcut to Local Markets in Brazil.
October 16, 2006	Special Presentation on Brazil’s Capital Markets Click Here to View the Presentation by ANDIMA Click Here to View the Presentation by Banco Itaú S.A. Click Here to View the Presentation by Banco Pactual Click Here to View the Presentation by Unibanco Click Here to View the Presentation by CETIP
September 20, 2006	EMTA to Hold a Special Presentation on “Brazil’s Capital Markets” in London on October 16, 2006. Click Here to Register.
August 31, 2006	Moody's Upgrades Brazil Foreign Currency Ceiling to Ba1.
July 10, 2006	EMTA's Special Presentation on “Brazil’s Capital Markets” in London on October 16, 2006.
June 28, 2006	Fitch Upgrades Brazil's Long-Term Foreign Currency Rating to BB.
May 12, 2006	Special Presentation on Brazil’s Capital Markets Click Here to View the Presentation by ANDIMA Click Here to View the Presentation by Banco Pactual S.A. Click Here to View the Presentation by Banco Votorantim S.A. Click Here to View the Presentation by Banco Itau, S.A. Click Here to View the Presentation by CETIP EMTA and ANDIMA Collaborate to Facilitate Foreign Investment in Brazil's Local Capital Markets.
April 12, 2006	EMTA to Hold a Special Presentation on “Brazil’s Capital Markets” in New York City on May 12, 2006. Click Here to Register.
March 8, 2006	Brazil Redeems Remaining Brady Bonds.
February 28, 2006	Standard & Poor's Upgrades Brazil's Long-Term Foreign Currency Rating to BB.
February 23, 2006	Brazilian Treasury Statement on Brady Bonds.
February 16, 2006	Brazilian Government Issues Executive Order on Taxation.
October 4, 2005	"Focus on Brazil: A Landmark Debt Placement." September 26, 2005 - Michael Gavin (UBS).
September 15, 2005	Brazil to Redeem All Outstanding C-Bonds on October 15, 2005.
October 21, 2004	EM Sovereign Bond Charts for Brazil and Mendoza (a Province of Argentina).
September 17, 2004	Standard & Poor's Raises Brazil's Long Term Foreign Currency Rating to BB-, Stable Outlook.
June 24, 2004	EM Sovereign Bond Chart for Brazil.
April 15, 2004	"A Political View of the Lula Administration in 2004." Presentation by Murillo de Aragao (Latin Source and Arko Advice) at the EMTA Spring Forum.
February 18, 2004	EMTA Announces NDF Market Practice 33, Publishes BRL Revised Template Terms for BRL Non-Deliverable FX Transactions, Amended BRL Settlement Rate Options for Annex A, New BRL Industry Survey Rate Methodology and New BRL Indicative Survey Rate Methodology.
January 23, 2004	Brazil Press Release on Brady Bonds (Only Available in Portuguese). Relevant Documentation if Brazil Decides to Repurchase C-Bonds.
January 22, 2004	Brazil C-Bond Redemption -- Procedures and Relevant Documentation if Brazil Decides to Redeem such Bonds. For information on Brazil’s Bonds generally, see EMTA’s Primer.
August 25, 2003	EM Sovereign Bond Documentation Charts for Brazil and Guatemala.
June 12, 2003	EM Sovereign Bond Documentation Charts for Brazil and Mexico.
May 23, 2003	EM Sovereign Bond Documentation Charts for Brazil, Mexico and South Africa, as well as for 2000 Ecuador and Russia.
May 2, 2003	EM Sovereign Bond Documentation Charts for Brazil and Mexico.
December 3, 2002	Primer on Brazil’s USD Par and Discount Bonds, Capitalization Bonds, Eligible Interest Bonds and Debt Conversion Bonds.
June 26, 2002	Brazil Dominates Discussion at EMTA's Summer Forum in London. Transcript of Buy-Side Panel Transcript of Sell-Side Panel
October 31, 2000	Arminio Fraga, President of the Central Bank of Brazil, Will Speak at EMTA's Annual Meeting on December 7, 2000. Click for full schedule of speakers.
October 23, 2000	Market Practice and New EMTA Template Terms for Brazilian Real NDFs.
April 12, 2000	EMTA Recommends Market Practices for Brazil C-Bonds with a Final Capitalization Factor of 1.23141.
March 14, 2000	EMTA, ISDA and FX Committee Announce Addition of New Brazilian Real Rate Source Definition.
February 8, 2000	EMTA TEMPLATE TERMS for BRL Non-Deliverable FX Transactions.
April, 1994	Market Practices for pricing and settlement of Brazil C Bonds.
November 18, 1992	Market Practices for the settlement date of when-issued trades of bonds to be issued under Brazil's 1989/1990 interest arrangements.
September 8, 1993	Market Practices for trading eligible interest under the Brazil 1992 Financing Plan. Market Practices for when-issued trades of bonds to be issued under the Brazil 1992 Financing Plan.
May 20, 1993	Market Practices for (a) changes to the confirmation forms for FRB's distributed on April 15, 1993, (b) options, and (c) pricing and settlement of Brazil IDU bonds.
October 1992	Market Practices for exchange date of when-issued trades of bonds to be issued under Brazil's 1989/1990 interest arrangements.

DOCUMENTATION INDEX

Legal Memorandum prepared by EMTA’s Brazilian Counsel on Cross-Border and Local Securities Financing Transactions (12/4/96)

Legal Memorandum prepared by EMTA’s Brazilian Counsel on Cross-Border and Local Derivatives and FX Transactions (7/31/96)

These documents are available in hard-copy only. To request copies of any of them, please contact Evelyn Ramirez.