Infrastructure debentures circumvent credit crisis
In a year overshadowed by an unprecedented credit crisis stemming from corporate upheavals like Americanas and Light, infrastructure debentures have emerged as a beacon of resilience and stability in the Brazilian financial landscape.Data from the JGP management company, compiled at Valor’s request, reveals that volume through August totaled R$21.8 billion after a first quarter of market-paralyzing corporate cases. With several pending operations in the pipeline, market estimates anticipate a year-end tally ranging between R$40 billion and R$45 billion for 2023, signifying a modest 10% increase compared to the previous year, albeit short of setting a new record.Beyond the sanitation sector, which witnessed two recent mega-operations by Aegea and Iguá, amassing R$10 billion in investments and evoking significant investor interest, the energy and highway sectors are poised to further bolster issuance volumes by year-end. According to data consolidated by the Ministry of Economy, these two sectors accounted for a substantial 90% of the total volume raised in 2022. Industry sources indicate that Copel, Cemig, and CPFL are among the companies gearing up to announce operations in these sectors.Recent notable operations include Eletrobras raising R$7 billion with debentures on Friday, with R$4 billion in tax-exempt bonds. Suzano also concluded a successful bond offering, raising R$2 billion. Meanwhile, companies like Enauta, Taesa, and VLI Multimodal are actively engaged in ongoing operations.Felipe Thut, head of Bradesco BBI’s investment bank, sees a robust pipeline of operations. However, he emphasizes that the sluggish start to the year in capital market activities has hindered the segment’s potential. "As a result, the total volume for the year is likely to fall short of its full potential," he explains. Given the impending closure of interest rates, Mr. Thut highlights the current market scenario as particularly attractive for investment in these securities. "Moreover, we continue to observe highly appealing rates," he adds.According to Ricardo Russo, head of the infrastructure area at Pinheiro Neto Advogados law firm, the thriving second half of the year is indicative of a backlog of operations, particularly in sectors like sanitation that require substantial investment. "The railway segment, for example, is emulating the sanitation framework. The sanitation sector has undergone a transformation, and the demand in this segment is poised for...
Para continuar a ler
PEÇA SUA AVALIAÇÃO