Brady bonds in the Emerging Markets debt markets was gradually eroded, as they were essentially replaced by a wide variety of even more market-friendly instruments. By mid-2006, most Brady debt had been exchanged or bought back by debtor nations in public or private secondary market transactions. While Brady bond trading accounted for 61% of total Emerging Markets debt trading in 1994 (U.S. $1.68 trillion), EMTA's Debt Trading Volume Survey showed that Brady bond market share had declined to approximately 2% of total trading by 2005.
We are not talking about Brady Bonds after Menim. Current bond were a product of of the K 'take it or leave it " Plan