Dresdner Boosts Brazil Local Market Toolkit

In an effort to improve its funding capabilities and broaden its Brazilian local DCM toolkit, Dresdner received Thursday a local rating from Moody’s. The Aaa.br rating is “a tool to help us generate [BRL-denominated] assets and allow us to access Brazil’s institutional investor base [for our own funding],” Peter Geraghty, head of LatAm at Dresdner, tells LatinFinance. Geraghty adds that the German bank, which has a BRL2bn local balance sheet, will increasingly look to source, structure and distribute ABS securities for both local and offshore investors, including payroll deductions and consumer credit receivables. Dresdner has already structured a few BRL-denominated issues, including one for mid-market bank Banco BMG.