Published On: June 9th, 2021Categories:

Brazilian growth is recovering, their currency is improving and the pandemic is not getting worse. Therefore, we have a good backdrop for domestic stories and banks are a nice way to take exposure.

We maintain a positive stance on well-capitalised national champions in Brazil. The country’s financial system enjoys comfortable liquidity and capitalisation, along with robust non-performing loan coverage ratios. We consider Basel 3 instruments as the most attractive part of the banks’ curve.

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