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Brady bond

   Also found in: Wikipedia 0.10 sec.

Brady bond. 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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Since its Brady Bond conversion a decade ago, an accumulated US$5 billion in private obligations have always been honored, and recent installments have featured a premium tied to surging hydrocarbon proceeds.
CURRENCIES: The Brazilian real rallied to a 10-month high last week amid hopes for a sovereign bond sale or retirement of old Brady bonds, which carry memories of debt defaults.
THE CARACAS STOCK EXCHANGE is trading in new financial instruments linked to Brady bonds, international stocks and other government debt.
 
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