A series of blow-ups in Brazil’s corporate bond market has pushed up dollar borrowing costs across Latin America’s biggest economy, drawing parallels with the jitters in US credit following the collapse of auto parts group First Brands.
Bonds issued by waste manager Ambipar, petrochemicals behemoth Braskem and biofuels maker Raízen have slumped in price over the past month, sending a chill through Brazil’s corporate credit market.
While investors say all three moves have been driven by issues specific to the companies, the speed and timing of the sell-offs reflect nervousness in global credit markets following the failures at First Brands and subprime auto lender Tricolor.
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