[ad_1]
SÃO PAULO – The CMN (National Monetary Council) announced Thursday (31) an amendment to the LCA (Letters of Credit for the Agri-Food Industry) rule. Of the 35% of the bank's loan financing, 40% could not be borrowed at a rate above 8.5% per year. Now it 's gone, the bank will be able to borrow money by charging higher fees.
For XP Investments, this change can benefit the fixed income investor. "Without the restriction of allocating 40% of LCA funding with a return of only 8.5% a year, issuing banks may be more willing to improve compensation to help finance this instrument," he says. Bruno Saads, Partner and Head of Fixed Income Products at XP.
In addition, he says that the supply of these products can also increase. "This is due to the fact that this should increase the possibility of obtaining credits related to the agri-food sector eligible for funding via LCA," he said. Invest in LCA of XP Investimentos; (19459009)
The Agribusiness Letter of Credit (ICL) is a fixed income bond issued by banks and backed by loans in the agri-food sector. . The bond generally has post-fixed income related to the inter-bank deposit certificate (CDI), but may also be prefixed or pay a rate plus inflation for the period.
One of the main features of the application is its exemption. of the IR (income tax) for individual investors. Then, all of the investor's income is credited to the IR account without discount, while in the other fixed income applications, the regressive table collects the IR.
The LCA is also guaranteed by the FGC (Credit Guarantor Fund) for up to R $ 250,000 per institution and CPF. This gives the investor peace of mind that it applies to securities issued by small banks since, in the event of solvency problems of the institution, the FGC guarantees payment up to this amount. ]
Credit
The LCA carries a credit risk – in the event that the bank does not pay what it owes to the investor. This risk is mitigated by the FGC, which guarantees investments up to R $ 250,000 per institution, as well as CPF.
Liquidity
In order to reduce the liquidity risk, the investor must know two pieces of information: expiration date and lack. The due date corresponds to the maturity of the security and the repayment is automatically made to the investor's account. The vesting date is the date from which the money can be repaid (partially or totally), even before the maturity of the bond. The minimum grace period for LCA is three months. The deadlines generally vary between 1 and 3 years.
Source link
