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Foreign Fundraising on the International Market

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

Issuance year Amount (currency million) Coupon Maturity
2008(a) US$ 1,000 6.37% 06.16.2018
2009 US$ 1,000 6.50% 06.10.2019
2010 US$ 1,000 5.50% 07.12.2020
2010 EUR 750 4.13% 09.15.2017
2011 CHF 200 2.75% 12.15.2016
2013 US$ 1,250 3.375% 09.26.2016
2013 US$ 1,750(b) 5.75% 09.26.2023
2014 EUR 650 3.625% 01.21.2019
2014 US$ 1,000 4.00% 04.14.2019

(a) The bond was renegotiated in June 2008.
(b) US$ 1,25 billion in 2013 with a US$ 500 million retap in 2014.

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 Outlook Global scale rating Outlook
Moody's Baa2 Negative Baa2 Negative
S&P BBB- Stable BBB+ 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.

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