Gramercy’s Fund Builds on Brazil Opportunistic Credit Positions

Gramercy, a $7 billion emerging markets alternatives investment manager, said it launched new positions in Brazilian credit in August, according to its fourth-quarter outlook.

• One position is “Brazil’s largest chemical company,” according to the fund, where it sees “market dislocation” driven by sector pressure and temporary uncertainty around the company’s shareholder structure
  • The second position was “in a refinery in Brazil,” where the fund sees room for continued improvement in crack spreads and tax monetization
• Gramercy had also realized gains in Ecuador sovereign bonds following the election, where the fund bet on a presidential win for Daniel ...