...Banco Nacional de Desenvolvimento Economico e Social (BNDES) has played an instrumental role in the development of the Brazilian market for infrastructure. The growing disbursements made are a reflection of its role as agent of the federal government's Growth Acceleration Program (PAC). BNDES also recognizes its role as a catalyst to capital markets development of infrastructure debentures. As such, it has made changes to the traditional loan structure, providing further incentives to pursue complementary issues in the capital markets. Nonetheless, certain structural features need adaptation to reflect a capital markets mindset....