RIO DE JANEIRO, BRAZIL - Brazil's loss of investment grade rating (2015) and the pandemic (2020) did not close the capital markets to Brazilian companies. In that five year period, they raised US$99.5 billion abroad and US$176.8 billion at home.
In times of double-digit inflation per month and overnight operations to protect assets, five years was a long term in Brazil. Today, with inflation stretched to 8.06% in twelve months and Treasury bonds maturing in 2050, five years is a mere pittance.
However, in a critical scenario, it is long enough to turn savings . . .