Head of Management with Volnei Eyng, from Multiplike
In effect for ten months, the changes to the rules governing Credit Rights Investment Funds (FIDCs), such as allowing retail investors to allocate funds, have altered the dynamics of the segment. According to the most recent data from the Brazilian Association of Financial and Capital Market Entities (Anbima), there has been a growth in the net worth of these funds by more than 45% in one year.
"All the publicity given by the new legislation and the CVM [Securities and Exchange Commission] regarding FIDCs has stirred both investors and companies," stated Volnei Eyng, president of the asset management firm Multiplike and one of the interviewees on this fortnight's "Cabeça de Gestor" program. "Manufacturing industries and companies from other sectors have become more open to taking out loans and securitizing through FIDCs," he said.
Profitability
Peterson Rizzo, investment analyst at Multiplike and interviewee on Cabeça de Gestor, stated that the average profitability of MM (Multi-debtor, multi-originator) FIDCs is 130% of the CDI (Brazilian interbank deposit rate) for the senior tranche. This is the tranche that the average investor can allocate to, following the regulatory changes in effect since last year. For the mezzanine tranche, where the risk is higher, the average profitability was 150% of the CDI. The asset manager conducted a survey on the returns of MM FIDCs, which represent more than a third of the segment.