Definition of Brady bond in English:
A restructured commercial bank loan to poor countries, denominated in US dollars.
- 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.
- In March, the Government suggested that investors exchange Brady bonds for new Eurobonds, denominated in dollars or euro, or buy Eurobonds for cash.
- 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.
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