One of the mysteries of the English language finally explained.
A restructured commercial bank loan to poor countries, denominated in US dollars.
- ‘Part of the banks' original principal would be written off and the remainder would be paid by the issue of new 30-year bonds called Brady bonds.’
- ‘Bulgaria's debt deal, which includes the swop of $800 million worth of Brady bonds into dollar-denominated eurobonds maturing in 2015, was approved by Parliament last Wednesday.’
- ‘In March, the Government suggested that investors exchange Brady bonds for new Eurobonds, denominated in dollars or euro, or buy Eurobonds for cash.’
- ‘General government debt has fallen fast, and this decline was further accelerated by the weaker US dollar and buy-backs of Brady bonds in 2004 and 2005.’
- ‘The Government bought back $937.5 million in Brady bonds on January 28, slashing part of its debt to foreign creditor banks seven years in advance.’
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