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EMERGING MARKETS SIGNAL END FOR BRADY BONDS.
I titoli che causarono il veloce aumento dei bond nei Pvs oppressi dal debito estero negli anni 90 sono in rapida sparizione grazie al risanamento finanziario.
di Joanna Ghung

Brady bonds, the securities that kick-started the emerging market bonds boom in the 1990s, are fast disappearing as countries that used to be heavily indebted shed the stigma of past financial crises.
Venezuela over the weekend announced plans to retire about $3.9bn, of Brady bonds, starting as early as this week.
Late last week, Brazil, Latin America's largest economy, announced a $6.6bn (£5.6bn) buyback to remove all its outstanding Brady bonds from the market.
This fuelled a rally across emerging market bonds and sent prices to new highs.
Brady bonds were issued by governments in Latin America and elsewhere to help resolve defaulted commercial bank loans, originally made in the 1970s and early 1980s. They were issued under an initiative named after Nicholas Brady, US Treasury secretary at the time, which enabled countries to restructure billions of dollars of illiquid claims into tradeable bonds.

But the once-dominant debt instrument is now a dying asset class. The first Brady bonds were issued by Mexico in 1990. According to the International Monetary Fund, the stock of dollar-denominated Brady bonds grew to reach a peak of $156bn in March 1997.
With governments increasingly buying back or exchanging the bonds for new ones, the volume of outstanding Bradies is shrinking faster than ever.
Mexico, for instance, had already retired all of its Brady debt by 2003. Analysts estimate that currently less than $50bn of Brady debt is outstanding.
This trend is largely a result of two factors. Plentiful liquidity in world financial markets has encouraged investors to seek the higher yields available on riskier investments such as emerging market bonds.

In addition, there has been an improvement in the creditworthiness of many emerging market countries. Many emerging market countries have seen stronger export growth and higher foreign exchange reserves. Many have also been beneficiaries of rising commodity prices.
Morgan Harting, Latin American sovereign analyst at Fitch Ratings, said: «Governments are able to use the dollars coming in to repay their external debt and deleverage.» There are several advantages for retiring Brady debt, not least that governments are able to rid themselves of the political stigma attached to them. «These are the legacies of default and countries want to clear their names,» Mr Harting said.
Analysts said impending Brady buy-backs signal confidence and would likely have a favourable impact on ratings.
Brazil's announcement helped spur a rally last week and on Friday new highs in prices sent the risk spread of emerging market bonds, as measured by JPMorgan's EMBI+ index, 3 basis points tighter to new low of 190bp over US Treasuries.

JOANNA CHUNG
Tratto dal «Financial Times» del 27 febbraio


  • Asset class: classe di attività finanziarie
  • Basis point (bp): punto-base (corrisponde a 1 centesimo dell'1%)
  • Boom: Rapida espansione
  • Brady bonds: obbligazioni Brady (cfr. parole-chiave)
  • Brady debt: debito BradyBuyback: riacquisto
  • Commodity prices: prezzi all'ingrosso
  • Creditworthiness: affidabilità creditizia
  • Debt instrument: titolo di credito(to) Deleverage: ridurre l'esposizione debitoria
  • Export growth: crescita delle esportazioni
  • Financial crises: crisi finanziarie
  • Financial markets: mercati finanziari
  • Foreign exchange reserves: riserve in valute estere
  • Highs: massimi
  • Illiquid claims: richieste di risarcimento non sostenute da liquidità
  • International Monetary Fund: Fondo monetario internazionale
  • Latin American sovereign analyst: analista delle condizioni finanziarie dei Paesi latino-americani
  • Legacies: eredità
  • Market bonds boom: obbligazioni dei mercati emergenti
  • Outstanding: in circolazione; (anche) in sofferenza, non pagato, insoluto
  • Price: prezzo, corso
  • Rally: rialzo, ripresa
  • Rating: reputazione finanziaria, classamento creditizio, valutazione (o livello) di affidabilità (o di solidità finanziaria).
    (Da L'Inglese dell'Economia Zanichelli)(to) Repay: rifondere(to) Restructure: ristrutturare (un prestito/debito)
  • Securities: titoli
  • Stock: capitale azionario
  • Tradeable bonds: obbligazioni negoziabili
  • Treasury Secretary: ministro del Tesoro (e delle Finanze)
  • US Treasuries: titoli di stato/del Tesoro statunitensi
    («termine generico con il quale vengono definiti i titoli emessi dal Tesoro statunitense con scadenze più o meno lunghe» dal glossario di Performancetrading.it).