The market is still digesting the National Monetary Council’s (CMN) new rule for incentive bonds, but one immediate effect is already expected: a drop in the number of offerings of securities such as real estate receivables certificates (CRI) and agribusiness receivables certificates (CRA).
CMN Resolution 5.118 prohibited the issue of CRA and CRI backed by debt securities issued by publicly traded companies not related to the agribusiness or real estate sectors. A new rule was also defined for the backing of Agribusiness Credit Bills (LCA) and Real Estate Credit Bills (LCI), as well as Guaranteed Real Estate Credit Bills (LIG).
Our partner, Raphael Pires, contributed an article to Valor Econômico on the subject. According to the expert, despite the restriction, the demand for CRA and CRI, which is common among individuals, will continue.
“Those who actually have the ballast to issue them with tax benefits will negotiate much better rates. Individual investors will compete for these securities with real estate funds or Fiagro.”
Read the full article: https://lnkd.in/dJPeQTTn
