Brazilian Crapshoot?

In Brazil, they call it jeito. Roughly, it means "cleverness." On Jan. 21, Banque Indosuez and J.P. Morgan Securities Inc. launched a $200 million Eurobond offering for Brazil's state of Minas Gerais that was in the best tradition of Brazilian financial jeito. Even though Brazil and Minas Gerais, an industrialized southeastern province, are still technically in default on billions owed to Western banks, investment bankers seized on emerging-market mania to sell the unrated paper to institutional and individual investors as a public offering in Europe and a private placement in the U.S.

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