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New receivables certificate (CR) arrives at B3; what is the difference between fixed income paper and CRIs and CRAs?

VERT Capital, techfin that provides securitization services in the financial market, structured the first Receivables Certificate (CR) in the country registered with B3. The volume raised in the operation was R$ 25 million on Monday (9) and will be used to promote education projects.

In practice, this new product allows smaller companies beyond agribusiness and the real estate sector to access the capital market. This could especially benefit fintechs and education companies when it comes to raising money. The issue is backed by Bank Credit Notes (CCB).

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The operation took place just over a month after the publication of Provisional Measure (MP) 1,103/2022, a new regulatory framework for securitization, which provided a legal framework for securitization companies. The project was highly celebrated by financial agents.

“The issuance of CRs in the new regulatory framework is transformational for the offer of credit, a new asset class is born that is safer and more liquid for investors and a new form of funding with great potential for fintechs and other market participants”, explains Sandro Reiss, president of the Brazilian Association of Digital Credit (ABCD).

Understand the CR better

Despite having some similarities with the Certificates of Real Estate Receivables (CRIs) and Agribusiness Certificates (CRAs), as it is also a debt security issued by companies, the big difference lies in the fact that the CR does not have the tax exemption present in both first papers.

The taxation of CR follows the regressive table of Income Tax for fixed income, the same applies to funds or CDBs.

Another point is the advantage that this new product will have in relation to a credit law investment fund (FIDCs). CRs have a simpler and cheaper structure, as they only involve the provision of services by a securitization company. In the case of FIDCs, the company would need to hire three other service providers, in addition to the securitization company, explained VERT.

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For Victoria de Sá, one of the founding partners of VERT, the issue is a milestone and that any segment can benefit from this type of financing.

“With this new MP, we will be able to promote several markets and not just the agribusiness and real estate sectors that already had the CRA and CRI”, he says. He adds: “This democratizes access to capital markets without giving up governance. We were able to carry out operations from less than R$1 million to more than R$1 billion using the same instrument, which shows the potential of this market”.

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