Bradesco announced it is raising the first fund to invest in debt securities, such as debentures, aimed to finance infrastructure projects. Since 2011, with the enactment of Law No. 12.431, the application of such papers has exemption from income tax, but so far no funds had got started. The benefit extends to the funds, provided that at least 85% of assets are allocated to encouraged debentures.
The amount raised was not disclosed by the bank, but according to Valor Econômico, the initial goal of the institution is to raise between $9.04 million and $22.62 million. The product is targeted to high-income customers, from the so-called private segment, and has minimum investment of $452,400.
The fund will have a period of 15 years. During this period, it will be closed for redemptions. We had a very positive response from investors, which signals the appetite of the capital market to finance infrastructure projects in the country, says Joaquim Levy, managing director of fund management area of Bradesco.
The fund is born with at least three debentures in the portfolio, according to the executive. He does not reveal what are the papers, but says they are from projects in the areas of logistics and energy. The goal is to increase the funding with investors of lower income in the future, but for this it still needs adjustments in the regulation, according to Levy.
Despite the tax benefit provided by law, the infrastructure debentures have not took off yet. The expectation was a large inflow of external resources, but the volatility of exchange rates and interest rates, coupled with the government’s decision to extend the exemption from tax on financial transactions (IOF) to all fixed income securities, including those from the government itself, soured the mood of foreign investors.
In the evaluation of bankers and specialists, a way to attract resources for infrastructure debentures would be via funds, which have the advantage of diversification and specialization of managers. To overcome the obstacle of the lack of liquidity to meet possible redemption requests, one of the proposals under consideration is the creation of investment funds in debentures with shares traded on stock exchanges.
The first fund of this type is already with its registration request under analysis in the Brazilian Securities Commission (CVM). Banco do Brasil and Banco Votorantim intend to raise $135.72 million in a credit receivables fund, also known by the acronym Fidc, whose portfolio will consist of infrastructure debentures and will be traded on the BM&FBovespa.
In addition to the most appropriate vehicle for investment, market growth will also depend on the supply of papers, according to the executive of Bradesco. Levy expects that some of the issuers come from the new concession program of the federal government.
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