| 释义 |
Brady bonds
Brady bondsBonds issued by emerging countries under a debt reduction plan.Brady BondA bond issued by the International Bank for Reconstruction and Development to Latin American countries starting in 1989 and continuing into the 1990s. It effectively refinanced the bonds issued by Latin American countries after many defaulted on their national debt in the 1980s. Many bonds issued in the region prior to this were illiquid; Brady bonds were tradable and, for that reason, were more attractive to investors. Because many of them were guaranteed by U.S. Treasury bonds, they also carried less risk. In 1999, Ecuador defaulted on its Brady bonds. However, in 2003, Mexico retired its Brady bond debt completely.Brady bonds Dollar-denominated bonds of developing countries backed by zero-coupon U.S. Treasury securities. Although no longer in use, Brady bonds were issued in exchange for defaulted commercial bank loans. |