Increasing fundraising on the international markets has been part of the BNDES’ strategy since the 1970s, when the Bank started to access structures that were alternative to loans with multilateral organizations, such as syndicated loans and issuances of bonds.

Funds raised on the international markets are incorporated into its investment budget and used to achieve the Bank’s general goals, such as loans to the Brazilian market and capitals market investments that the BNDES plans to carry out in companies in the normal course of business.

The BNDES held the following bonds issuances:

Outstanding International Bonds

Issuing year	Market	Value (currency million)	Coupon	Maturity
1998	Eurodollar/144-A	US$ 1,000	6.369%	06.16.2018 (a)
2001	Eurodollar	US$ 300	9.625%	12.12.2011
2009	Eurodollar	US$ 1,000	6.50%	06.10.2019
2010	Eurodollar	US$ 1,000	5.50%	07.12.2020
2010	Euro MTF	EUR 750	4.125%	09.15.2017
2011	Euro	CHF 200	2,75%	12.15.2016

(a) The bond was renegotiated in June 2008.

Similar to the Brazilian Republic, the BNDES has an investment grade from the main risk classification agencies:

	Long term issuing in foreign currency		Long term issuing  in local currency
	Global scale Rating	Perspective	Global scale rating	Perspective
Moody's	Baa1	Positive	A3	Stable
S&P	BBB	Stable	A-	Stable

Other reasons also attract investors to the BNDES bonds issuances abroad:

• The BNDES’ institutional funding is stable and comprises several sources of income, such as governmental funds and the return on its financing operations. Fundraising abroad is a complementary source.
• As it operates in all economic segments, the BNDES is less exposed to crises in any specific sector.
• The BNDES has a specific division that centralizes matters related to management of credit risk, markets and operations, always seeking to improve its risks management mechanism.

Download a presentation on financial and institutional aspects of the BNDES. Also visit the sections below: 

• Foreign Fundraising of Institutional Resources
• The BNDES
• Sources of Resources
• Governance Practices 
• Risk Management
• Financial Statements