Changes in CRI, CRA, LCI and LCA benefit agro and real estate sectors, says Anbima

Changes in CRI, CRA, LCI and LCA benefit agro and real estate sectors, says Anbima
Changes in CRI, CRA, LCI and LCA benefit agro and real estate sectors, says Anbima

The adjustments presented yesterday (1) by the National Monetary Council (CMN) in the rules governing the issuance of exempt securities in the agribusiness and real estate sector were seen as positive by the Brazilian Association of Financial and Capital Market Entities (Anbima).

In an advance note to the InfoMoney this Friday (2), the association said that the changes will “increase the efficiency of public policy in supporting the agribusiness and real estate sectors, which contributes to the development and constant improvement of the capital market”.

In practice, the first change restricted the types of assets that can serve as collateral for the issuance of Agribusiness Receivables Certificates (CRAs) and Real Estate Certificates (CRIs), while the second not only applied this change to Agribusiness Letters of Credit (LCAs ), Real Estate (LCIs) and Guaranteed Real Estate (LIGs), but also extended the maturity dates of these securities.

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Funds win

Investment funds, which have suffered strong competition from exempt assets in recent months, tend to benefit from the changes brought about by the CMN.

Competition with exempt markets was cited as the main problem that drove the strong volume of net outflows in multimarkets in recent months, in the view of Luis Stuhlberger, CEO and CIO of Verde Asset Management.

To attract and retain customers, the house is preparing for this year the creation of an area dedicated to infrastructure and the setting up of a credit investment fund (FIDC). The greater appetite for exempts also made Tenax Capital move. The manager will soon launch a fund dedicated to credit, said Alexandre Silvério, CEO and CIO of the house, this week.

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To the Brazil JournalJPMorgan assessed that it also sees benefits from players such as XP, which could lose revenue in the business of structuring and distributing exempt securities, but gain space with the migration of capital currently allocated to these assets in large banks – which, in turn, would still have to deal with higher costs of funding.

In 2023, issues of Real Estate Receivables Certificates (CRIs) and Agribusiness Certificates (CRAs), in addition to incentivized debentures, for example, reached R$115.5 billion. The value was much lower than that recorded last year, but represented a contrary flow in relation to the net withdrawals of R$127.9 billion seen in local investment funds. The data is from Anbima.

Revised operations

If the funds are excited about the changes, the securitization companies claim that many planned operations are at risk of not getting off the ground.

For Flavia Palacios, CEO of Opea, one of the leaders in the Brazilian securitization market, the changes promoted by the Government will not necessarily lead to a redirection of investments, as defended by members of the economic team and the CVM. “Be prepared for a retreat [das emissões]. The largest volume of operations historically comes from publicly-held companies”, observed the executive.

The expert also fears that, with restrictions on CRIs and CRAs, banks will have more difficulty granting credit. “Now, he can only give in if he doesn’t have any risk retention, which doesn’t seem to make economic sense”, pondered Palacios.

The vision is shared by the VBSO Advogados office. In a report, the house highlighted that the fence represents a “severe disincentive to private financing for the real estate and agribusiness sectors”.

The article is in Portuguese

Tags: CRI CRA LCI LCA benefit agro real estate sectors Anbima



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