In January 2023, Brazil issued a new instrument, Renda+ (or “Retirement Income Extra”), and in August 2023, issued another, Educa+ (“Education Financing Extra”), to help retail investors better save for retirement security and a child’s education, respectively. These bonds were designed with very specific cashflows for the respective goals. They combined accumulation, decumulation, inflation and compounding in a single instrument to overcome the typical financial literacy challenges/behavioral biases faced by average investors globally […]