Current Status
Although the Brady Bond process ended during the 1990s, many of the innovations introduced in these restructurings (call options embedded in the bonds, "stepped" coupons, Pars and Discounts) were retained in the later sovereign restructurings in, for example, Russia and Ecuador. Ecuador, in 1999, became the first country to default on its Brady bonds. In 2003, Mexico became the first country to retire its Brady debt. The Philippines bought back all of its Brady bonds in May 2007, joining Colombia, Brazil, Venezuela, and Mexico as countries that have retired the bonds.
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