English: Diagram of Brady Bond structure. Stakeholders involved in Brady Bond debt restructuring and transactions. Dollar values on outstanding loans and bonds are illustrative; bonds were rarely issued for less than $125 million USD, and lenders frequently accepted either 30-50% losses on face value or reduced interest rates fixed at below-market values. According to EMTA, a financial industry trade association, most lenders that accepted Brady Bonds for outstanding loans were either smaller US commercial banks or non-US financial institutions rather than “major money center banks”.