Brazilian Regulator Gives IFC Issue Green Light

Brazil’s securities market regulator, CVM, has given the go-ahead for the first real-denominated bond issue by a multilateral lender. The International Financial Corporation (IFC), the private-sector arm of the World Bank, is hoping to issue $94 million worth (R$200 million) of local currency bonds in Brazil for the first time. (The IFC has previously issued local-currency bonds in Colombia and Peru.) The Corporation plans to use the money to fund “productive enterprises in the Brazilian private sector.” The bond will be issued at a fixed rate and mature in three years, according to local financial wire Agência Estado.