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A Miami Broker Pitches a 1,900% Profit on 1-Cent Bonds in Brazil

  • OAS creditors received a 24% stake in airport operator Invepar
  • The notes may be worth up to 20 cents if stake is sold: Gribel
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Carlos Gribel, a Miami-based broker at Andorra’s biggest bank, has something of a hot hand when it comes to picking winners in Brazil’s bond market.

This year, he’s told clients to pile into slumping notes from Banco do Brasil SA, as well of those of steelmakers Usiminas SA and Gerdau SA. Those who took his advice were rewarded with returns of at least 34 percent.