Two major Brazilian banks seeking covered bond sign-off

By Jonathan Algar
25 Sep 2014

The Brazilian finance ministry expects to publish its draft covered bond law this week and, by using a presidential order, the legislation could soon be in effect, Matheus Cavallari, deputy secretary for microeconomic policy at the ministry told GlobalCapital. He said two large issuers had already sought regulatory approval to issue covered bonds.

After the presidential order has been signed off Congress will have 90 days to vote. “In such cases of presidential orders the government can negotiate with the Congress to vote yes,” said Cavallari. The Brazilian Ministry of Finance started work on the law ...

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