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SPONSORED GUIDE: Securitization in Brazil

Sep 1, 2008


By Sergio Spinelli Silva Jr. and Marina Anselmo Schneider, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados

The Brazilian securitization market has undergone relevant growth during the last few years, having become one of the biggest asset-backed securities (ABS) markets in Latin America. In 2006, securitization transactions registered before the Brazilian Securities Commission (Comissão de Valores Mobiliários or CVM) amounted to nearly $14 billion reais.

Although the 2007 credit crunch and market crisis affected the Brazilian market, another $11 billion reais in ABS were issued during the last year and amidst the crisis.

This article summarizes the current legal framework and outlines the recent developments in Brazilian securitization regulation.

Market FrameworkIn Brazil, securitization issuances may be made through securitization companies and receivables investment funds (fundos de investimento em direitos creditórios or FIDC). Securitization...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

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