Private Corporate Bonds Market In Brazil: Structural Features And Recent Evolution [mercado De Títulos De Dívida Corporativa Privada No Brasil: Aspectos Estruturais E Evolução Recente]

摘要

The paper aims at analyzing the structural and circumstantial factors that obstruct or stimulate the development of private debt bond market in Brazil, as well as evaluate the recent evolution of this market since the price stabilization after 1994 until 2008. Two aspects are highlighted in the analysis: the relationship between the private debt bond market and the evolution of the macroeconomic context, as it defines the environment in which this market can grow or shrink; the relationship between the market of public debt and the corporate private debt in Brazil, the have not been complementary.