Securitização de recebíveis da agroenergia: um estudo de caso baseado em títulos do agronegócio

Data
2010-11-10
Orientador(res)
Rochman, Ricardo Ratner
Título da Revista
ISSN da Revista
Título de Volume
Resumo

Since the late 90’s, the securitization of assets became an important alternative for fund raising in Brazilian market. This financial innovation provides the companies with direct access to the capital market, where they can sell papers baked on their receivables, eliminating the bank intermediation in the fund raising and reducing capital cost – even in comparison with the conventional corporate bonds. The securitization papers are generally issued by a special purpose vehicle (FIDC or securitization company), which segregates the risks of the originator/funds takers from the securitized credits backing the emission. In 2004, Law 11076 created the new agribusiness financial instruments (CDA-WA, CDCA, LCA and CRA) inspired in the real state securitization rules (Law 9541/97 – Real State Financial System), with a view to provide the agribusiness with a new source of funds, through the emission of bonds in the capital market. Since than, a rising number of structured operations with this new type of instrument was seen, confirming its functionality and potentiality. However, the volume of more sophisticated operations based in the public emission of FIDC quotas and CRAs is yet much lower than the agribusiness demand for funds, taking into consideration the representativeness of this sector in Brazil. The sugar-energy industry is probably the agribusiness sector in a better position for the development of securitization transactions, in view of some characteristics that can be more easily comprehended by the investors, such as: scale, standardization of the products, advanced stage of consolidation of the economic groups, growth perspectives, and strong environmental appeal. The papers associated with this industry hold, therefore, a singular potentiality for overcoming the investor’s natural resistance to the investments in agriculture. This document is dedicated to investigate how the securitization concept may be applied in operations associated with the agribusiness, particularly with the sugar-energy sector. Based on a case study, this work will analyze the operational aspects of a public emission of CRA, stressing the mechanisms and proceedings adopted to manage the particularities of the new agribusiness financial instruments. The study shows that the structuring of this kind of operation presents some characteristics and challenges different from operations based in other instruments, which are, in principle, manageable using the traditional securitization techniques and through the incorporation of supplementary risk management mechanisms.


Descrição
Área do Conhecimento