By Sergio Spinelli Silva Jr. and Marina Anselmo
Schneider, Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga
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
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
In Brazil, securitization issuances may be made through
securitization companies and receivables investment funds
(fundos de investimento em direitos creditórios or
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