Package foresees credit of the BNDES more expensive

The new package of concessions for ports and airports brought less advantageous conditions for projects in these segments than those that already were foreseen in the bank’s regular operational policy. The new Program of Investment in Logistics (PIL) reduced the participation of the BNDES for the indexed parcel to the TJLP and raised the cost charged in the financings with respect to what it was foreseen for projects of the same industry for the bank’s operational policy. In railroads, as much in the operational policy as in the rule of the PIL, the maximum participation in TJLP are at 70%, but in the PIL the additional fee of interests is about 1,5% for the year and in the operational politics spread is 1,2% per year. Last night, however, the bank informed the press, by means of its advisory, that is going to uniform the financing conditions at the parameters of the PIL.

The BNDES had modified its operational policy at the turn of 2014 to 2015, reducing practically all the percentages of participation in the projects and the parcel of the indexed financing to the TJLP. A comparison enters the rules of this operational new policy with the announced ones yesterday shows a new reduction in the percentages attached to the TJLP for the projects of the program of concessions. Probably projects of transport in these areas will not exist in the package of concessions, but the comparison sample that the PIL “did not sell at a loss” what the BNDES already projected.

According to the advisory, the conditions for infrastructure works were not modified in the Friday. On the occasion, the BNDES informed new conditions of financing for projects of great enterprise groups, whose attached maximum percentage to the TJLP were conditional to the emission of debentures.

In airports, the politics in place since January guarantee up to 50% of indexed participation to TJLP over 1.2% of the spread for the year for the first round of investments. In the PIL, the maximum participation in TJLP it falls to 15% without emission of debentures and stays at 35% in the case of emission of these papers. Considering other sources of financing, the participation of the BNDES can arrive at 70% inthe PIL (15% in TJLP and 55% in other sources, both with more 1.5% for the year).

In ports, the participation of the BNDES in the works of the PIL also diminished in respect to official the operational politics of the bank, considering the parcel attached to the TJLP. For these rules, the bank finances more up to 50% of the indexed project to TJLP 1.2% of the spread for the year. In the PIL, the maximum participation in TJLP it falls to 25% (without debentures) or 35% (with debentures), both with extra fee of 1,5% for the year. In the PIL, the participation of the bank goes up, considering other sources of financing that not it TJLP, a case where it can arrive at 70% with our without debentures.

In highways, the new rules are more advantageous for the investor. In the operational politics that was in vigor, the BNDES loans up to 50% for highways (in the first round of investment), but in the PIL it goes up to 70%. In the operational politics, half of the financed parcel (or 25% of the total of the project) stays in TJLP plus one spread of 1,5% per year and to another financed half it is with market fees. In the PIL, the indexed parcel to the TJLP can arrive at 35% and others 35% can be financed by the BNDES, but with other in four  forces, both fees increased by 1,5% per year. With the emission of debentures, the parcel in TJLP can go up to 45%, but this reduces the percentage of financing of the bank with other sources.

In railroads, the policy of the bank foresaw a 70% maximum, for which guarantee TJLP more 1.2% of spread. In the PIL, the percentage in TJLP it is the same, but the cost goes up to 1.5% per year. In exchange for one it taxes a little extra, the investor can have over 20% of the financed project for the bank with other sources of indexation.