New investments of BNDESPar, the investment arm of BNDES, are focused in infrastructure, in line with the government’s agenda, said André Loureiro, head of the investment department of BNDES, on an event in São Paulo organized by Abrasca.
This guidance applies to both the equity portfolio and the fixed income portfolio via infrastructure debentures. The investment portfolio of BNDESPar closed 2012 with $41.42 billion in assets, of which $35.11 billion in stock.
Loureiro said the bank is creating an investment portfolio in infrastructure debentures. BNDESPar’s policy allows to invest in issues of up to $138.07 million, with a term equal or higher than four years. It can apply to a maximum of 50% of the issue, but in the case of operations up to $34.51 million it can invest up to 100%.
The investment portfolio of BNDESPar account for 15%-20% of the bank’s assets, according to Loureiro, and accounts for about half of the result. The reduction of spreads on bank’s funding in recent times was supported by the portfolio of securities, said Loureiro.
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