Brazil Local Issuance Seen Holding Steady

Brazil’s capital markets could see BRL100bn-BRL120bn in total volume this year, according to Brazilian Investment Banks Association’s vp Alberto Kiraly, cited in local media and wire reports. The official expects most operations to be in the second half of the year, with an overall concentration in debt. Last year capital markets activity reached BRL101.90bn, a drop of 31% from 2007, according to Anbid. Debt issues totaled BRL66.97bn last year, down from BRL71.41bn a year earlier, as debenture issues plunged 50% to BRL24.05bn. Primary and secondary equity operations totaled BRL34.88bn in 2008, less than half the BRL75.50bn of 2007, with the number of IPOs plummeting to 4 from 64.