Page 39 - Anuário Estatístico da Companhias Abertas 2017/2018

Matéria de capa Cover story
investment grade. O gráfico 8 permite fazer essa comparação e mostra que essa expectativa implica uma queda considerável da taxa real observada nas operações de swap de taxa prefixada de 360 dias observada em 13 de março último.
Outro fator que certamente deverá atuar positivamente no desem-
Grá co 8 / Graph 8
penho do mercado de capitais daqui por diante é o posicionamento do BNDES. A suspensão de transferências de recursos do Tesouro resulta em forte redução da oferta de recursos de financiamento oferecidos a taxas inferiores às do mercado, em forte competição com o mercado de dívida privada. Tão importante
quanto isso é a adoção de uma nova política operacional pelo BNDES, caracterizando uma atuação favorável ao mercado de capitais. Em muitos casos, são adotados critérios nos quais a captação de uma parte dos recursos no mercado é incluída como condicionante para a obtenção de financiamentos daquele banco.
Taxa Real de Juros – Swap Pré DI 360 Dias De acionado pela Expectativa de IPCA
Real Interest Rate – Swap Pre DI 360 Days De ated by IPCA Expectation
10,00%
8,00%
6,00%
4,00%
2,00%
0,00%
9,14%
7,20%
6,80%
6,22%
6,44%
4,37%
5,40%
1,50%
market is included as a condition for obtaining financing from that bank.
The recent performance of the private debt and equity markets shows signs that point in the direction of a recovery cycle. In the case of debentures, the emissions of the last quarter were well above the previous quarters, reaching R $ 39.5 billion, equivalent to 40% of the total fundraising for 2016. The recent evolution of the stock market in January and February of this year, also helped by a movement of recovery of commodities prices, suggests a reinforcement of this positive trend. At the same time, news of the preparation of IPOs and new issues of private debt securities is multiplying.
Three timely observations reinforce favorable expectations for the growth of the corporate debt market in the coming years. The first is the strong positive response of closed capital publicly held company corporations in issues of debt securities, especially debentures, from ICVM 476/99, which authorized these issues, despite the adverse environment, characterized by high interest rates. Another notable observation is the strong growth of structured operations, such as Real Estate Receivables Certificates (CRIs) and, more recently, Agribusiness receivables certificates (CRAs), turning them into regular sources of financing for real estate activities and Agribusiness.
Initiatives focused on risk mitigation in operations with receivables can favorably impact the structuring of FIDCs, with an increase in the supply of working capital financing through funds raised in the capital markets.
The CRDC – Credit Rights Registration Center, an initiative of São Paulo Commercial Association in operation since April 2016, manages a digital platform created with the objective of registering credit rights that ensure the legitimacy and demandability of the credit. Thus, they mitigate operational risk, with national coverage. The operation of the platform electronically matches the duplicates issued with the respective invoices and allows to monitor occurrences related to the invoices in all Brazilian
39
mar/11 abr/11 mai/11 jun/11 jul/11 ago/11 set/11 out/11 nov/11 dez/11 jan/12 fev/12 mar/12 abr/12 mai/12 jun/12 jul/12 ago/12 set/12 out/12 nov/12 dez/12 jan/13 fev/13 mar/13 abr/13 mai/13 jun/13 jul/13 ago/13 set/13 out/13 nov/13 dez/13 jan/14 fev/14 mar/14 abr/14 mai/14 jun/14 jul/14 ago/14 set/14 out/14 nov/14 dez/14 jan/15 fev/15 mar/15 abr/15 mai/15 jun/15 jul/15 ago/15 set/15 out/15 nov/15 dez/15 jan/16 fev/16 mar/16 abr/16 mai/16 jun/16 jul/16 ago/16 set/16 out/16 nov/16 dez/16 jan/17 fev/17 mar/17