巴西的金钱经理更多来庆祝这些日子，而不是成为世界上最好的经济体之一的一部分。4月30日，标准普尔普遍升级了全国的长期外币债务投资等级。The change is of particular importance to institutional investors that are not allowed to invest in an emerging–markets country’s bonds if they are not investment grade, according to José Brazuna, general manager of the asset management division at the National Association of Investment Banks, a São Paulo–based trade organization.
“我们将有很多外国养老基金将于巴西投资，”圣保罗布拉德斯科资产管理的产品管理专家Ricardo Mizukawa同意。“这将是一个很大的变化。”
In explaining the upgrade, the New York–based credit rating agency cited the Brazilian government’s “pragmatic macro-economic policies” that had strengthened the foundation for sustained growth in real gross domestic product, and noted that the year–to–date foreign direct investment of $12.4 billion was on track to match last year’s record $34.6 billion — more than enough to -cover the nation’s estimated current–account deficit of $20 billion.
升级发生在该国投资界的任何人预期之前发生了一年。Brazil, once the world’s biggest emerging–markets debtor, has been making steady progress since President Luiz Inácio Lula da -Silva took office in January 2003. As S&P noted, Brazil’s external debt (net of liquid external assets) has declined dramatically, from more than 100 percent of current-account receipts whenLula took office to a projected 3 percent for 2008. The NAIB’s Brazuna says the hope was that Brazil’s debt rating, which had risen as high as BB+ (one notch below investment grade), would make it to the first rung of investment grade “maybe in 2009, or maybe even by the end of this year, but -never sooner than that.”
升级的新闻恢复活力的巴西市场。Benchmark Bolsa de Valores deSãoPaulo或Bovespa指数飙升6.33％，于4月30日在67,868.46次收盘，并删除了其轻微的迄今为止的损失。Brazil’s stock market was in the doldrums in the first four months of 2008 as inflation, which rose to 5.04 percent for the 12 months ended April 30, prompted the Brazilian Central Bank’s Monetary Policy Committee to raise its benchmark Selic interest rate, by 50 basis points, for the first time in nearly three years. Walter Mendes, head of equity investments at Banco Itaú in São Paulo, predicts the Selic rate, currently at 11.75 percent, will jump to 14.25 percent by September. “Everybody in Brazil thinks this is just a temporary increase, to avoid inflation spreading throughout the economy,” he says. “The Federal Reserve Bank in the U.S. has been complacent about inflation, but in Brazil the central bank is not complacent at all.”
High interest rates — the Selic reached 19.75 percent in 2005 — and concerns about the long–term sustainability of the nation’s economic recovery have prompted many investors to pour money into lower–risk fixed–income instruments rather than Brazilian equities, even though the Bovespa -surged 43.6 percent last year, 32.9 percent in 2006, and 27.7 percent in 2005. But that trend has started to reverse, and money managers hope the S&P upgrade will speed the change.
At Banco do Brasil Administradora de Ativos, which holds the top spot in the Brazil 20, Institutional Investor’s inaugural ranking of the country’s biggest money management firms, the percentage of assets under management in equities has grown from 14.3 percent in 2003 to 22.8 percent as of March, according to Alberto Monteiro de --Queiroz, president of BB DTVM, the asset management arm of Rio de Janeiro–based Banco do Brasil. Queiroz believes the trend will continue. “Now that Brazil has received the investment grade, things are certainly going to be much better — not only for the equity side but also for the whole Brazilian economy,” he says.
第二届ITAú看到了股权投资的相似增长。Mendes表示，该公司目前在股票管理下有大约12％的资产资产，从2003年的5％。当地投资者连续投资时，资产进入股票的资产流入“发生在过去两年中 - ”每月投资，“他补充道。
Renato Pratates，为第3家公司开发投资产品，政府拥有的CaixaEconômica联邦在圣保罗表示，他还注意到过去两年的固定收益加速转变;从2006年的4.4％，股票占银行总资产的7.2％。
鉴于对巴西股市的兴趣和国家经济实力的兴趣，该国的金钱经理一直忙于启动新资金，以吸引国内外投资者。据LuísotáviodeCarvalhoOliveira Oliveira，Itaú的机构投资的经理，伊拉·据韩国开发银行开设了两家资产，其中一家韩国开发银行开设了两项资金。他说，基金的结构允许投资者决定是否要“纯粹的股权，纯粹的债券或债券和股权的平衡混合”。
上个月银行宣布将推出日本投资者的类似资金。“我们已经在-Korea成功了，所以我们非常自信，”梅德斯说。
10月份，第五次排名公司UBS Puttual资产管理在里约热内卢推出了两项欧洲投资者的资金：UBS（Lux）Bond SiCav - 巴西（USD）B和UBS -Equity Brazil。截至5月15日，债券基金吸引了24770万美元的资产，自成立以来的增长率为6.4％，股权基金增长到120亿美元，自成立以来的收益18.0％。
3月份，ABN AMRO资产管理的第8届公司介绍了真实的资本蛋白第2届Sundo De Investimento Multi Mercado基金，这将使用选项来防止下行风险。该基金仅对圣保罗银行的银行较富裕的当地私人客户开放，在其30天的订阅期间吸引了8000万ReaiS（4590万美元），截至4月1日，AnB Amro Investment Moreformist Anciles Mosca表示。“我们还将在今年下半年创建零售版本，”他补充道。
巴西首次公开发售市场也是一个强大的绘制，第四次巴德斯科股票的股票首席投资官HerculanoAníbalAlves。去年，巴西首次公开募股市场约为340亿美元，今年前四个月漂浮了270亿美元的新股权问题，“外国投资者购买了约7％的国际公开赛”，“他说。
过去一年的最大产品中的两个与交换相关。10月份，Bovespa持有，然后是联交所的母公司，在一个提高的IPO中公开了提高了R66亿 - 拉丁美洲历史上最大的首次公开募股 - 并于11月，Bolsa de Mercadorias＆Futuro，商品和期货交易所，在其初始浮动中提高了R6.0亿卢比。上个月的两人 - 在芝加哥的法兰克福之后，世界第三大证券交流成为全球第三大证券交流。芝加哥的德意志Börse和期货巨头CME集团。
解决了其债务危机，在美国，次级抵押贷款和全球信贷紧缩中表现出令人惊讶的弹性，并看到其债务评级升级，巴西现在比以往任何时候都更好地吸引来自世界各地的投资者。
“投资成绩对本地资产管理市场至关重要，因为我们将更多地访问机构投资者，私人银行客户，捐赠和基金会，”娜布的布拉昂说。亚博赞助欧冠
FlávioPires，Itaú的机构投资负责人，更加简洁地说：“今天每个人都想投资巴西。”