Alexei Remizov - HSBC Alexei Remizov is a senior vice president at HSBC’s Capital Markets, responsible for Brazil coverage. Remizov’s recent accomplishments are the IFR award-wining Brazil 2017 reopening in 2008 and Petrobras’s latest 2019 benchmark. Jose Franco de Morais - Brazilian National Treasury Head of external debt operations at Brazil’s National Treasury, Jose Franco de Morais has worked in the public debt management department since 2001. Andre Silva - JPMorgan Andre Silva is an Execut

Brazil’s capital markets are abuzz with behind-the-scenes activity as issuers talk to potential leads about bringing more than US$16bn worth of local and international supply in the coming months. But the tone remains cautious as issuers come to terms with wider rates and look to justify the higher costs vis-a-vis the duration of their investment programmes and their expected returns. For now, only the biggest quasi-sovereign names dare tap as private-sector blue-chips - no matter how big they a

IFR: The time will soon come for a heavyweight to set up one or more points of reference for the local debenture market. But how can it assure accuracy in its pricing, should it try to innovate, and what are the risks if it ends up setting a new coupon floor that would be too rich for other issuers to follow? Maria Isabel Rezende Aboim: This was exactly what I was talking about. In truth, the Treasury has a curve and it serves as a reference and in fact when we put together a syndicate that was

IFR: I’d like to ask Fabio: you mentioned before that 128% of CDI was too little. And even though we are talking about the global bond market, I’d like to know what is too rich for you. Fabio Moser: I did not say that. I said there were deals and that they got done. Some even enjoyed good demand and were oversubscribed. It is clear that you are going to demand a higher rate from companies with a lower rating. I believe that at the beginning of this year it is going to be important for companies

IFR: What kind of second half can we expect locally and internationally in terms of spreads, volumes and quality of issuers? And what types of funding sources will be at hand? Will debenture issuance take off again once companies start fast-tracking deals by offering them to ultra-qualified investors only? Denise Pavarina, Bradesco BBI Investment Banking: I am going to answer the last part of the question first. I believe that the possibility of being able to offer fast-track transactions to qua