These bonds of Latin American countries, named for former US Secretary of the Treasury Nicholas Brady, are issued in US dollars and backed by US Treasury zero coupon bonds.
The bonds were originally issued in exchange for commercial bank loans that were in default. Their changing prices in the secondary market reflect the level of confidence investors have in the economies of the issuing nations.
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- Devaluation, Eurobond, Eurocurrency, Floating rate, International Monetary Fund (IMF), National debt, World Bank
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