Structured Finance & Capital Markets
Securitisation and credit receivables funds make it possible to separate the risk of a cash flow from the risk of its originator’s balance sheet. That separation is what makes the credit financeable.
Our view
Brazil’s securitisation framework (Law 14,430/2022) and the CVM investment fund regime (Resolution 175) set out the rules for the main structured finance vehicles. The legal structure is clearer, but the quality of each transaction still depends on the underlying assets, the effectiveness of the assignment and the governance of the vehicle.
In corporate debt, the country has created specific instruments to finance infrastructure and long-term projects, with their own tax treatment. Choosing between a debenture, a commercial note, a receivables certificate and an FIDC is a decision about obligations, tenor and investor base, not only about cost.
Themes we follow
- FIDCs under CVM Resolution 175
- Securitisation of commercial, real estate and agribusiness receivables
- Tax-incentivised and infrastructure debentures
- Collateral, subordination and covenants
- All-in structuring cost
Related expertise
Publications
The first publications for this market are in preparation.
Speak with the partners.
Every transaction calls for its own approach. An initial, confidential conversation lets us assess whether and how we can contribute.
Contact Fortevere