DISCLAIMERS PERTINENTES A ESTE RELATÓRIO INICIAM NA PÁGINA 12
Banco BTG Pactual S.A. mantém, ou tem a intenção de manter, relações comerciais com a(s) companhia(s) coberta(s) neste relatório. Por esta razão, investidores devem estar cientes de eventuais conflitos de interesse que potencialmente possam afetar os objetivos deste relatório. Investidores devem considerar este relatório apenas como mais um fator no processo de tomada de decisão de seus
investimentos. Qualquer Cidadão Norte-Americano Especificado como US Person(USP) que receber este relatório e desejar realizar uma operação com valores mobiliários analisados neste relatório, deverão fazê-lo com o BTG Pactual US Capital, LLC - 212-293-4600, 601 Lexington Avenue. 57º andar, Nova York NY 10022.
Matheus Chermauth
Brazil – Banco BTG Pactual S.A.
matheus.chermauth@btgpactual.com
+55 11 3383 2338
Thomas Tenyi, CFA
New York – BTG Pactual US Capital LLC
thomas.tenyi@btgpactual.com
+1 646 924 2477
Beatriz Watanabe
Brazil – Banco BTG Pactual S.A.
beatriz.watanabe@btgpactual.com
+55 11 3383-3224
Highlights of the week
Local corporate debt market
Companhia do Metrô da Bahia: the company approved the issuance of R$ 200 million
in debentures (CVM#476) via a single series yielding DI+3.95% and maturing in two
years. The issuance will be guaranteed by CCR, which has an AA(bra) rating with
Fitch, an A2.br with Moody’s and a brAA- rating with S&P.
Concessionária do Rodoanel Oeste: the company issued R$ 750 million in
debentures (CVM#476) via a single series yielding DI+3.80% and featuring a 3-year
bullet maturity. The issuance is guaranteed by CCR, which has an AA(bra) rating with
Fitch, an A2.br with Moody’s and a brAA- with S&P.
Coelba (Companhia de Eletricidade do Estado da Bahia): the company issued R$
250 million in debentures (CVM#476) via a single series yielding 121.50% of the DI
rate and featuring a 3-year bullet maturity. Coelba has a brAA- rating with S&P.
Secondary debentures market
Trading volume in the secondary debentures market in the period April 28-May 04
totaled R$459.7mn (vs. R$360.00mn in the previous week), with 146 assets traded.
The main weekly highlights were RDVT11 – Concessionária Rodovias do Tietê
(R$25.19mn traded at IPCA+9.71%, with curve of IPCA+8.00%), CTEL11 – Copel
Telecomunicações (R$15.48mn traded at IPCA+6.57%, with curve of IPCA+7.96%)
and ECOV22 – Ecovias (R$14.62mn traded at IPCA+5.79%, with curve of
IPCA+4.28%). YTD trading volume in the secondary debentures market now stands
at R$11.22bn (daily average of R$135.2mn).
[Text]
FixedIncome
06 May 2016
Credit Market Update
Source: ANBIMA, Rating Agency. *Trade rate considers MID Price. ** Leasing debentures are not considered in the secondary market debentures.
Trades in secondary debentures market May-16
Ratings Date Issuer Security
Code Amount Number of trades % Face Value Volume (BRL mn) Trade rate (%) Benchmark Duration (Years) Issuance rate (%)
brAA- 28-Apr-16 BNDESPar BNDP36 427 2 97.51 0.585 6.40 IPCA+ 2.7 5.4 AA(bra) 28-Apr-16 BR Malls BRML12 400 2 99.76 2.053 1.25 DI+ 0.8 0.94 AA(bra) 28-Apr-16 BR Malls BRML22 8 2 95.78 0.105 8.56 IPCA+ 2.2 6.4
brA 28-Apr-16 BR Properties BRPR21 4 2 93.74 0.005 8.70 IPCA+ 2.4 5.85
brAA- 28-Apr-16 CCR CCRD18 112 5 102.32 1.216 ND %DI ND 124.1
AAA(bra) 28-Apr-16 Cielo CIEL14 40 2 100.07 0.268 105.35 %DI 1.3 105.8 brA 28-Apr-16 Cemig Distribuição CMDT13 300 3 95.77 0.296 3.34 DI+ 1.7 0.69 brA 28-Apr-16 Cemig Geração e Transmissão CMTR13 1,310 2 98.05 1.322 3.39 DI+ 0.8 0.9 brA 28-Apr-16 Cemig Geração e Transmissão CMTR23 4,179 19 90.98 5.192 10.74 IPCA+ 2.2 6 AA(bra) 28-Apr-16 CPFL Geração de Energia CPGE17 36 2 98.73 0.356 1.57 DI+ 2.5 1.06
A2.br 28-Apr-16 Copasa CSMG19 24 2 98.03 0.243 ND %DI ND 118.9
brAAA 28-Apr-16 Vale CVRDA6 4,000 2 ND 0.022 ND ND ND ND
brAA- 28-Apr-16 Ecorodovias ECCR22 285 2 91.35 3.493 8.55 IPCA+ 2.7 5 A2.br 28-Apr-16 Ecorodovias Infraestrutura e Logística ECOR21 60 2 97.64 0.589 2.28 DI+ 2.8 1.42 brAA- 28-Apr-16 Elektro EKTR15 6 2 99.58 0.020 2.40 DI+ 0.3 0.98 A2.br 28-Apr-16 EDP - Energias Do Brasil ENBR14 400 2 100.41 0.409 ND DI+ ND 1.74 AA(bra) 28-Apr-16 Cemar ENMA14 38 2 99.83 0.399 1.25 DI+ 1.0 1.08 brAA- 28-Apr-16 Duke Energy Intl Geração GEPA15 30 2 98.23 0.313 1.95 DI+ 1.7 0.89 brAA+ 28-Apr-16 Iguatemi Shopping Centers IGTA13 258 10 99.62 2.657 1.34 DI+ 1.2 1 brAA+ 28-Apr-16 Iguatemi Shopping Centers IGTA14 660 13 98.11 6.662 1.54 DI+ 2.7 0.82
brA+ 28-Apr-16 JSL JSML18 8,000 4 97.37 8.233 126.55 %DI 2.1 116 AA-(bra) 28-Apr-16 Lojas Americanas LAME28 40 2 99.88 0.416 112.99 %DI 2.2 112.55 AA-(bra) 28-Apr-16 Lojas Americanas LAME29 40 2 99.73 0.452 113.85 %DI 2.7 113
brAA+ 28-Apr-16 Localiza LORT19 40 2 99.77 0.428 ND %DI ND 109.2 brAA+ 28-Apr-16 Lojas Renner LRNE16 22 2 99.26 0.226 1.33 DI+ 1.6 0.85 brAA- 28-Apr-16 MRS Logística MRSS15 836 2 99.01 0.860 ND DI+ ND 0.9
- 28-Apr-16 Maestro Locadora de Veículo MSTL11 78 2 100.00 6.062 4.25 DI+ 1.5 4.25 A2.br 28-Apr-16 SANEPAR SAPR13 42 2 100.10 0.449 110.20 %DI 1.3 110.8 brA+ 28-Apr-16 Sabesp SBSPA5 60 2 99.04 0.208 2.25 DI+ 0.8 0.99
brA+ 28-Apr-16 Sabesp SBSPA9 480 2 99.27 2.002 ND DI+ ND 0.8
brAA- 28-Apr-16 TAESA TAEE13 2,000 6 99.65 2.146 1.04 DI+ 1.3 0.78 brAA- 28-Apr-16 TAESA TAEE23 666 2 89.75 0.802 8.51 IPCA+ 3.1 4.85 Aa1.br 28-Apr-16 Telefonica Brasil S/A TFBR14 40 2 99.32 0.398 1.06 DI+ 1.8 0.68 Aa2.br 28-Apr-16 ViaOeste VOES14 610 4 100.03 1.837 107.89 %DI 0.6 108.3
- 28-Apr-16 You Inc YOUC11 40 2 100.00 4.061 ND DI+ ND 6
brAA- 29-Apr-16 BNDESPar BNDP36 885 5 97.02 1.208 6.60 IPCA+ 2.7 5.4 brAA- 29-Apr-16 BNDESPar BNDS35 140 4 99.68 0.207 6.85 IPCA+ 0.7 6.2991
brA+ 29-Apr-16 Concessionária Auto Raposo Tavares CART22 2 2 86.02 0.002 8.90 IPCA+ 5.5 6.05 Baa1.br 29-Apr-16 Conc. Rota das Bandeiras CBAN21 2 2 104.12 0.032 ND IPCA+ ND 9.57
brAA- 29-Apr-16 CCR CCRD18 164 3 102.33 1.782 ND %DI ND 124.1
brAA- 29-Apr-16 Coelce CEAR23 48 4 98.26 0.673 8.23 IPCA+ 1.4 6.85 brA 29-Apr-16 Cemig Geração e Transmissão CMTR23 3,381 8 91.24 4.214 10.61 IPCA+ 2.2 6
- 29-Apr-16 Casadoce CSDC12 1 1 100.00 0.042 ND %DI ND 150
brAA- 29-Apr-16 Ecorodovias ECCR22 85 2 91.48 1.044 8.50 IPCA+ 2.7 5 Baa1.br 29-Apr-16 Ecopistas ECPT11 1,306 4 94.02 1.587 10.13 IPCA+ 3.6 8.25 Baa1.br 29-Apr-16 Ecopistas ECPT21 1,306 4 94.50 1.468 10.13 IPCA+ 3.3 8.25 Baa1.br 29-Apr-16 Ecopistas ECPT31 1,306 4 94.84 1.666 10.13 IPCA+ 3.1 8.25 Baa1.br 29-Apr-16 Ecopistas ECPT41 1,306 4 94.42 1.625 10.13 IPCA+ 3.3 8.25 brAA- 29-Apr-16 Elektro EKTR15 200 2 99.99 0.686 1.00 DI+ 0.3 0.98 brA+ 29-Apr-16 Eletropaulo ELSPA5 205 3 96.47 1.993 ND DI+ ND 1.24 brA- 29-Apr-16 Iochpe-Maxion IOCH17 6 2 101.03 0.006 ND %DI ND 99 brA+ 29-Apr-16 JSL JSML36 100 2 93.27 0.123 9.92 IPCA+ 3.1 7.5 brA 29-Apr-16 Minerva MNRV14 1,812 5 98.03 18.759 ND DI+ ND 1.75 brAA- 29-Apr-16 MRS Logística MRSL16 2,000 7 100.95 21.292 ND DI+ ND 0.9
- 29-Apr-16 MTEL Tecnologia MTEL15 62 6 ND 0.630 ND %DI ND 130 brAA+ 29-Apr-16 Multiplan MULP13 400 6 98.13 3.943 ND DI+ ND 0.87 brAAA 29-Apr-16 Raízen Energia S.A. RESA21 2,992 2 99.66 2.997 1.10 DI+ 2.2 0.94 brAA- 29-Apr-16 TAESA TAES22 22 2 100.46 2.333 1.14 DI+ 1.0 1.6 A+(bra) 29-Apr-16 Triunfo TPIS24 8 2 95.66 0.105 13.93 IPCA+ 0.9 8.5 brAA- 29-Apr-16 Triângulo do Sol TSAE12 280 3 99.94 2.054 ND DI+ ND 2.25 brBBB- 02-May-16 AES Sul AESL43 30 2 99.93 0.265 ND DI+ ND 4.75 brAA- 02-May-16 Ampla AMPL27 90 3 94.49 1.189 9.17 IPCA+ 1.9 6
Table 2: Trades in Brazilian secondary debentures market*
Source: ANBIMA, Rating Agency. *Trade rate considers MID Price. ** Leasing debentures are not considered in the secondary market debentures.
Trades in secondary debentures market May-16
Ratings Date Issuer Security
Code Amount Number of trades % Face Value Volume (BRL mn) Trade rate (%) Benchmark Duration (Years) Issuance rate (%)
brAA- 02-May-16 AutoBan ANHB14 654 2 100.07 0.500 108.22 %DI 0.7 109 brAA- 02-May-16 BNDESPar BNDP16 2,952 2 99.31 4.485 15.77 Prefixado 0.2 11.169 brAA- 02-May-16 BNDESPar BNDP36 631 6 97.24 0.863 6.51 IPCA+ 2.7 5.4
brA 02-May-16 BR Properties BRPR21 4 2 94.13 0.005 8.53 IPCA+ 2.4 5.85 Baa1.br 02-May-16 Conc. Rota das Bandeiras CBAN21 8 2 105.37 0.129 ND IPCA+ ND 9.57 brAA- 02-May-16 CCR CCRD18 2,184 7 101.38 23.524 ND %DI ND 124.1 brA 02-May-16 Cemig Geração e Transmissão CMTR13 200 2 97.96 0.202 3.52 DI+ 0.8 0.9 Aa2.br 02-May-16 Intervias S.A. CRIP13 40 2 98.64 0.400 2.18 DI+ 1.3 1.09
- 02-May-16 Casadoce CSDC13 4 3 99.98 0.334 130.08 %DI 1.6 130 brAA- 02-May-16 Ecorodovias ECCR12 1,000 2 99.06 9.961 1.51 DI+ 1.3 0.79 brAA- 02-May-16 Ecorodovias ECCR22 41 1 91.68 0.505 8.42 IPCA+ 2.7 5 brAA- 02-May-16 Energisa ENGI25 42 2 ND 0.598 ND IPCA+ ND 9.23 brAA- 02-May-16 Comgas GASP13 236 2 99.60 0.239 1.10 DI+ 2.0 0.9 AA(bra) 02-May-16 Libra Terminal Rio LBRA11 46 2 96.36 0.465 ND DI+ ND 1.3 brAAA 02-May-16 Natura Cosméticos NATU15 600 2 100.07 6.157 106.35 %DI 0.8 107 brAAA 02-May-16 Natura Cosméticos NATU16 400 2 100.06 4.073 ND %DI ND 107
brAA- 02-May-16 Arteris OHLB13 40 2 99.78 0.421 ND DI+ ND 2
brAA- 02-May-16 Rodovias das Colinas RDCO14 40 2 98.27 0.312 ND DI+ ND 1.5 brAA+ 02-May-16 Sabesp SBESA7 86 4 98.61 0.591 2.04 DI+ 1.1 0.75 brAA+ 02-May-16 Sabesp SBESB7 98 4 86.64 1.103 9.65 IPCA+ 3.0 4.5 brAA+ 02-May-16 Sabesp SBESC7 78 2 78.91 0.800 9.86 IPCA+ 4.9 4.75
brA+ 02-May-16 Sabesp SBSPB5 37 2 94.17 0.476 9.22 IPCA+ 2.2 6.2 brAA- 02-May-16 TAESA TAEE23 2,430 2 91.12 2.973 7.99 IPCA+ 3.1 4.85 Aa2.br 02-May-16 AES Tietê TIET14 2,000 2 100.23 2.116 1.15 DI+ 0.6 1.55 A+(bra) 02-May-16 Triunfo TPIS14 48 2 99.06 0.319 ND DI+ ND 2.2
brAA- 02-May-16 Unidas UNDA22 28 2 98.81 0.149 ND IPCA+ ND 8.39 Aa2.br 02-May-16 ViaOeste VOES14 156 2 100.04 0.470 107.78 %DI 0.5 108.3 brAA- 03-May-16 Ampla AMPL27 90 2 94.64 1.192 9.09 IPCA+ 1.9 6 brAA- 03-May-16 BNDESPar BNDP36 94 1 97.70 0.129 6.33 IPCA+ 2.7 5.4 brAA- 03-May-16 BNDESPar BNDS35 1,002 2 99.17 1.472 7.65 IPCA+ 0.7 6.2991
brAA- 03-May-16 CCR CCRD18 209 7 102.47 2.277 ND %DI ND 124.1
- 03-May-16 CEB Distribuição CEBD11 6 6 100.23 0.607 ND DI+ ND 6.8 brA 03-May-16 Cemig Geração e Transmissão CMTR15 60 2 95.80 0.609 4.10 DI+ 1.8 1.7 brA 03-May-16 Cemig Geração e Transmissão CMTR33 124 4 88.55 0.150 9.34 IPCA+ 4.2 6.2 brAA 03-May-16 Cia Paulista de Securitização CPSC13 480 6 99.31 4.154 ND DI+ ND 2.5 Aa2.br 03-May-16 Intervias S.A. CRIP13 300 6 98.65 3.002 2.18 DI+ 1.3 1.09
brAAA 03-May-16 Vale CVRDA6 671 1 ND 0.003 ND ND ND ND
brAAA 03-May-16 Vale CVRDB6 10,000 1 ND 0.054 ND IGP-M ND ND
brA+ 03-May-16 Eletropaulo ELSPA5 96 2 96.77 0.937 3.84 DI+ 1.3 1.24 brAA- 03-May-16 Comgas GASP13 1,314 2 99.63 1.334 1.08 DI+ 2.0 0.9 brAA+ 03-May-16 Hypermarcas HYPE33 10 2 99.49 0.008 11.50 IPCA+ 0.2 8.43
brA+ 03-May-16 JSL JSML38 367 1 93.40 0.363 140.10 %DI 2.7 118.5 Aa2.br 03-May-16 Lajeado Energia LJDE11 400 3 96.33 4.099 3.05 DI+ 2.1 1.2 brAA+ 03-May-16 Localiza LORT18 200 4 99.54 2.032 110.79 %DI 3.0 109.5
brAA- 03-May-16 MRV Engenharia MRVE17 150 3 99.62 1.585 2.30 DI+ 0.6 1.6 brAA- 03-May-16 Rodovias das Colinas RDCO14 622 8 98.28 4.860 ND DI+ ND 1.5
- 03-May-16 REC Betim RECB11 22 6 99.99 2.421 ND %DI ND 135
brAA+ 03-May-16 Sabesp SBESB7 326 8 87.33 3.699 9.37 IPCA+ 3.0 4.5 brAA- 03-May-16 TAESA TAEE23 790 1 90.83 0.964 8.11 IPCA+ 3.1 4.85 A+(bra) 03-May-16 Triunfo TPIS24 20 2 94.90 0.260 15.00 IPCA+ 0.9 8.5
brAA- 03-May-16 Unidas UNDA22 2 2 98.81 0.011 ND IPCA+ ND 8.39 brBBB- 04-May-16 AES Sul AESS12 840 3 94.67 7.908 ND DI+ ND 1.25 brAA- 04-May-16 BNDESPar BNDP36 788 5 96.69 1.073 6.74 IPCA+ 2.7 5.4
brAA- 04-May-16 CCR CCRD18 260 8 102.45 2.834 ND %DI ND 124.1
brA 04-May-16 Cemig Geração e Transmissão CMTR33 1 1 89.73 0.00 9.00 IPCA+ 4.2 6.2 A2.br 04-May-16 Ecorodovias Infraestrutura e Logística ECOR21 860 6 97.58 8.45 2.31 DI+ 2.8 1.42 brAA- 04-May-16 Comgas GASP13 1,314 6 99.73 1.34 1.03 DI+ 2.0 0.9 brAA- 04-May-16 Rede Dor São Luiz S.A. HMSL15 500 4 99.46 5.28 2.30 DI+ 1.8 2 brAA+ 04-May-16 Hypermarcas HYPE33 2 2 99.51 0.00 11.48 IPCA+ 0.2 8.43 AA-(bra) 04-May-16 Lojas Americanas LAME29 750 10 99.76 8.49 113.78 %DI 2.7 113 brAA+ 04-May-16 Localiza LORT19 46 4 99.69 0.46 ND %DI ND 109.2
Table 3: Trades in Brazilian secondary debentures market
Source: ANBIMA, Rating Agency. *Trade rate considers MID Price. ** Leasing debentures are not considered in the secondary market debentures.
Table 4: Trades in Brazilian secondary debentures market – Infra Debentures*
Source: ANBIMA, Rating Agency. *Trade rate considers MID Price. ** Leasing debentures are not considered in the secondary market debentures.
Trades in secondary debentures market May-16
Ratings Date Issuer Security
Code Amount Number of trades % Face Value Volume (BRL mn) Trade rate (%) Benchmark Duration (Years) Issuance rate (%)
brAA- 04-May-16 Rodovias das Colinas RDCO14 154 4 98.41 1.21 ND DI+ ND 1.50 brAAA 04-May-16 Raízen Energia S.A. RESA21 2,002 2 99.38 2.00 1.24 DI+ 2.1 0.94 brAA+ 04-May-16 Sabesp SBESA7 186 2 98.63 1.28 2.02 DI+ 1.1 0.75 brAA- 04-May-16 Triângulo do Sol TSAE22 4 3 93.16 0.04 9.01 IPCA+ 2.1 5.40
Trades in secondary debentures market May-16
Ratings Date Issuer Security
Code Amount Number of trades % Face Value Volume (BRL mn) Trade rate (%) Benchmark Duration (Years) Issuance rate (%)
AA-(bra) 28-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU11 284 2 94.36 0.326 9.22 IPCA+ 4.6 7.86 AA-(bra) 28-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU12 1,263 23 90.40 1.363 8.30 IPCA+ 5.6 6.4 AA-(bra) 28-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU21 284 2 94.48 0.345 9.22 IPCA+ 4.5 7.86 AA-(bra) 28-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU31 588 4 98.10 0.728 8.29 IPCA+ 4.8 7.86 AA-(bra) 28-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU41 292 3 94.10 0.340 9.17 IPCA+ 5.0 7.86 brAA- 28-Apr-16 AutoBan ANHB15 415 5 97.73 0.502 5.94 IPCA+ 2.3 4.88 brAA- 28-Apr-16 AutoBan ANHB16 3,572 11 99.25 4.103 5.69 IPCA+ 3.2 5.428 brAA- 28-Apr-16 AutoBan ANHB24 158 2 ND 0.199 5.36 IPCA+ 1.4 2.71 AA+(bra) 28-Apr-16 Alupar Investimento APAR16 928 4 100.68 1.026 7.15 IPCA+ 3.9 7.3273
brA+ 28-Apr-16 Concessionária Auto Raposo Tavares CART12 70 2 91.64 0.084 7.40 IPCA+ 5.6 5.8 - 28-Apr-16 Chapada do Piauí I CHPA11 20 4 108.06 0.245 ND IPCA+ ND 9.223 - 28-Apr-16 Copel Telecomunicações CTEL11 42 3 107.97 0.477 6.49 IPCA+ 5.6 7.9633 brAA- 28-Apr-16 Ecovias ECOV22 1,452 17 89.47 1.636 6.21 IPCA+ 6.1 4.28 A2.br 28-Apr-16 EDP - Energias Do Brasil ENBR24 1,392 9 105.77 1.572 ND IPCA+ ND 8.3201 A2.br 28-Apr-16 EDP - Energias Do Brasil ENBR34 20 1 108.97 0.023 ND IPCA+ ND 8.2608 brAA- 28-Apr-16 Comgas GASP23 320 1 99.79 0.407 5.20 IPCA+ 2.2 5.1
- 28-Apr-16 Interligação Eletrica do Madeira S/A IEMD12 18 2 88.36 0.212 ND IPCA+ ND 5.5 brAA- 28-Apr-16 MRS Logística MRSL27 64 2 99.04 0.072 ND IPCA+ ND 6.4277 A+(bra) 28-Apr-16 Odebrecht Transport S.A. ODTR11 62 8 84.51 0.666 9.33 IPCA+ 6.8 6.7
brAA- 28-Apr-16 Rodonorte RDNT14 12 2 101.10 0.141 5.34 IPCA+ 3.2 5.691 Baa1.br 28-Apr-16 Concessionária Rodovias do Tietê RDVT11 317 18 92.81 0.377 9.41 IPCA+ 5.7 8
brAAA 28-Apr-16 Raízen Energia S.A. RESA31 245 1 96.32 0.301 7.54 IPCA+ 3.5 6.38 Aa2.br 28-Apr-16 Rodovias Integradas do Oeste RVIO14 590 5 101.12 0.654 6.06 IPCA+ 3.6 6.38 - 28-Apr-16 Salus Infraestrutura Portuária SAIP11 337 21 ND 0.393 ND IPCA+ ND 6.7879 A(bra) 28-Apr-16 Saneatins SNTI13 24 3 111.94 0.290 ND IPCA+ ND 10.33 A(bra) 28-Apr-16 Saneatins SNTI23 1,654 17 107.53 1.921 ND IPCA+ ND 10.33 brA 28-Apr-16 Santo Antônio Energia STEN13 18 2 90.46 0.193 ND IPCA+ ND 7.0537 Aa2.br 28-Apr-16 AES Tietê TIET34 942 4 107.77 1.084 6.35 IPCA+ 3.9 8.4328 brAAA 28-Apr-16 Vale VALE18 178 2 102.41 0.223 5.80 IPCA+ 3.8 6.46 brAAA 28-Apr-16 Vale VALE19 492 9 102.92 0.560 5.81 IPCA+ 3.7 6.6232 brAAA 28-Apr-16 Vale VALE29 2,884 17 103.61 3.303 5.90 IPCA+ 5.2 6.6252 brAAA 28-Apr-16 Vale VALE38 400 7 102.02 0.501 6.40 IPCA+ 6.8 6.71 brAAA 28-Apr-16 Vale VALE48 130 9 107.19 0.171 5.81 IPCA+ 7.6 6.78 AA(bra) 28-Apr-16 VLI Multimodal VLIM11 599 3 103.74 0.711 5.79 IPCA+ 3.5 6.8839 AA(bra) 28-Apr-16 Ventos de São Tito Holdings VNTT11 114 5 109.16 0.134 ND IPCA+ ND 9.236 Aa2.br 28-Apr-16 ViaOeste VOES25 14 4 100.64 0.164 5.47 IPCA+ 3.1 5.67 AA-(bra) 29-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU11 2,132 5 94.21 2.443 9.26 IPCA+ 4.6 7.86 AA-(bra) 29-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU12 1,010 23 90.90 1.097 8.20 IPCA+ 5.6 6.4 AA-(bra) 29-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU21 324 2 94.49 0.394 9.22 IPCA+ 4.5 7.86 AA-(bra) 29-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU31 324 2 94.18 0.385 9.22 IPCA+ 4.7 7.86 AA-(bra) 29-Apr-16 Concessionária do Aeroporto Intl Guarulhos AGRU41 324 2 93.89 0.377 9.22 IPCA+ 5.0 7.86 brAA- 29-Apr-16 AutoBan ANHB15 72 3 98.45 0.088 5.61 IPCA+ 2.3 4.88 brAA- 29-Apr-16 AutoBan ANHB16 1,815 9 99.76 2.097 5.53 IPCA+ 3.2 5.428 AA+(bra) 29-Apr-16 Alupar Investimento APAR16 270 1 101.24 0.300 7.00 IPCA+ 3.9 7.3273 - 29-Apr-16 Chapada do Piauí I CHPA11 17 1 105.89 0.204 ND IPCA+ ND 9.223 - 29-Apr-16 Copel Telecomunicações CTEL11 713 14 106.72 8.017 6.71 IPCA+ 5.6 7.9633 brAA- 29-Apr-16 Ecovias ECOV22 1,762 7 92.49 2.053 5.63 IPCA+ 6.1 4.28 A2.br 29-Apr-16 EDP - Energias Do Brasil ENBR24 552 7 ND 0.639 ND IPCA+ ND 8.3201 A2.br 29-Apr-16 EDP - Energias Do Brasil ENBR34 40 3 ND 0.048 ND IPCA+ ND 8.2608 AA+(bra) 29-Apr-16 Ferreira Gomes Energia FGEN13 38 2 ND 0.047 ND IPCA+ ND 6.4686 brAA- 29-Apr-16 Comgas GASP14 3,014 3 106.66 3.409 5.43 IPCA+ 4.0 7.1432 brAA- 29-Apr-16 Comgas GASP33 110 2 98.48 0.139 6.04 IPCA+ 3.5 5.57
Table 5: Trades in Brazilian secondary debentures market – Infra Debentures*
Source: ANBIMA, Rating Agency. *Trade rate considers MID Price. ** Leasing debentures are not considered in the secondary market debentures.
Trades in secondary debentures market May-16
Ratings Date Issuer Security
Code Amount Number of trades % Face Value Volume (BRL mn) Trade rate (%) Benchmark Duration (Years) Issuance rate (%)
brAA- 29-Apr-16 Comgas GASP34 526 2 112.23 0.626 5.46 IPCA+ 6.6 7.357 brAA- 29-Apr-16 MRS Logística MRSL27 6,000 2 99.86 6.822 ND IPCA+ ND 6.4277 brA+ 29-Apr-16 NC Energia NCEN11 145 2 108.20 0.174 ND IPCA+ ND 7.891 A+(bra) 29-Apr-16 Odebrecht Transport S.A. ODTR11 68 7 83.95 0.726 9.44 IPCA+ 6.8 6.7 Baa1.br 29-Apr-16 Concessionária Rodovias do Tietê RDVT11 1,420 16 92.82 1.691 9.41 IPCA+ 5.7 8
- 29-Apr-16 Salus Infraestrutura Portuária SAIP11 1,176 23 ND 1.357 ND IPCA+ ND 6.7879 A(bra) 29-Apr-16 Saneatins SNTI13 72 8 111.53 0.868 ND IPCA+ ND 10.33 A(bra) 29-Apr-16 Saneatins SNTI23 1,637 39 109.75 1.941 ND IPCA+ ND 10.33 AAA(bra) 29-Apr-16 Tractebel Energia TBLE15 244 2 103.90 0.297 5.65 IPCA+ 6.2 6.3
Aa2.br 29-Apr-16 AES Tietê TIET34 1,364 6 108.37 1.579 6.20 IPCA+ 3.9 8.4328 brAAA 29-Apr-16 Vale VALE19 1,328 10 102.81 1.511 5.85 IPCA+ 3.7 6.6232 brAAA 29-Apr-16 Vale VALE28 388 1 103.60 0.493 5.90 IPCA+ 5.5 6.57 brAAA 29-Apr-16 Vale VALE29 2,690 21 104.37 3.105 5.75 IPCA+ 5.2 6.6252 brAAA 29-Apr-16 Vale VALE48 340 9 108.00 0.451 5.70 IPCA+ 7.6 6.78 AA(bra) 29-Apr-16 VLI Multimodal VLIM11 2,798 11 103.58 3.318 5.83 IPCA+ 3.5 6.8839 AA(bra) 29-Apr-16 Ventos de São Tito Holdings VNTT11 850 17 110.53 1.009 ND IPCA+ ND 9.236 AA-(bra) 02-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU11 112 2 94.56 0.129 9.17 IPCA+ 4.6 7.86 AA-(bra) 02-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU12 2,356 14 89.42 2.518 8.51 IPCA+ 5.6 6.4 AA-(bra) 02-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU21 112 2 94.68 0.137 9.17 IPCA+ 4.5 7.86 AA-(bra) 02-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU31 112 2 94.39 0.134 9.17 IPCA+ 4.7 7.86 AA-(bra) 02-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU41 112 2 94.10 0.131 9.17 IPCA+ 5.0 7.86 brAA- 02-May-16 AutoBan ANHB15 683 25 98.58 0.833 5.55 IPCA+ 2.3 4.88 brAA- 02-May-16 AutoBan ANHB16 2,654 7 99.64 3.064 5.57 IPCA+ 3.2 5.428 brAA- 02-May-16 AutoBan ANHB24 140 2 ND 0.175 5.91 IPCA+ 1.4 2.71 AA+(bra) 02-May-16 Alupar Investimento APAR16 1,400 1 101.28 1.559 6.99 IPCA+ 3.9 7.3273
brA+ 02-May-16 Concessionária Auto Raposo Tavares CART12 374 6 93.30 0.457 7.06 IPCA+ 5.7 5.8 - 02-May-16 Chapada do Piauí I CHPA11 34 2 107.05 0.413 ND IPCA+ ND 9.223 - 02-May-16 Copel Telecomunicações CTEL11 49 1 110.13 0.569 6.11 IPCA+ 5.6 7.9633 brAA- 02-May-16 Ecovias ECOV12 124 2 94.42 0.148 5.65 IPCA+ 3.3 3.8 brAA- 02-May-16 Ecovias ECOV22 1,188 16 92.93 1.391 5.55 IPCA+ 6.1 4.28 A2.br 02-May-16 EDP - Energias Do Brasil ENBR24 1,926 8 ND 2.248 ND IPCA+ ND 8.3201 AA+(bra) 02-May-16 Ferreira Gomes Energia FGEN13 2,668 7 ND 3.347 ND IPCA+ ND 6.4686 brAA- 02-May-16 Comgas GASP14 586 3 104.92 0.652 5.86 IPCA+ 4.0 7.1432 brAA- 02-May-16 Comgas GASP34 296 4 111.77 0.351 5.53 IPCA+ 6.5 7.357 brAA- 02-May-16 MRS Logística MRSL17 110 4 99.86 0.125 ND IPCA+ ND 5.9828 brAA- 02-May-16 MRS Logística MRSL27 2,798 5 101.15 3.224 ND IPCA+ ND 6.4277 brA+ 02-May-16 NC Energia NCEN11 82 1 109.40 0.099 ND IPCA+ ND 7.891 brB- 02-May-16 Norte Brasil Transmissora de Energia NRTB21 78 2 95.46 0.111 ND IPCA+ ND 7.15 A+(bra) 02-May-16 Odebrecht Transport ODTR11 12 2 83.30 0.127 9.57 IPCA+ 6.8 6.7 Baa1.br 02-May-16 Concessionária Rodovias do Tietê RDVT11 2,831 17 92.51 3.361 9.47 IPCA+ 5.7 8 AA-(bra) 02-May-16 Renova Eólica Part. RNEP11 16 2 100.34 0.198 ND IPCA+ ND 7.6054
Aa2.br 02-May-16 Rodovias Integradas do Oeste RVIO14 120 2 100.41 0.132 6.27 IPCA+ 3.5 6.38 - 02-May-16 Santo Antônio Energia SAES12 40 2 78.30 4.126 ND IPCA+ ND 6.2 - 02-May-16 Salus Infraestrutura Portuária SAIP11 1,329 20 ND 1.548 ND IPCA+ ND 6.7879 A(bra) 02-May-16 Saneatins SNTI13 26 5 111.39 0.313 ND IPCA+ ND 10.33 A(bra) 02-May-16 Saneatins SNTI23 620 19 109.26 0.732 ND IPCA+ ND 10.33 AAA(bra) 02-May-16 Tractebel Energia TBLE15 724 2 103.90 0.883 5.65 IPCA+ 6.2 6.3 AA+(bra) 02-May-16 Termeletrica Pernambuco III TEPE11 596 2 80.06 0.427 ND IPCA+ ND 9.11 AA+(bra) 02-May-16 Termeletrica Pernambuco III TEPE21 688 2 79.64 0.614 ND IPCA+ ND 9.11 AA+(bra) 02-May-16 Termeletrica Pernambuco III TEPE31 744 2 84.79 0.818 ND IPCA+ ND 9.11 AA+(bra) 02-May-16 Termeletrica Pernambuco III TEPE41 752 2 80.58 0.768 ND IPCA+ ND 9.11 Aa2.br 02-May-16 AES Tietê TIET34 567 4 111.62 0.677 5.39 IPCA+ 3.9 8.4328 brAAA 02-May-16 Vale VALE18 1,456 6 102.86 1.838 5.67 IPCA+ 3.7 6.46 brAAA 02-May-16 Vale VALE28 1,776 3 103.65 2.259 5.89 IPCA+ 5.5 6.57 brAAA 02-May-16 Vale VALE29 470 8 103.20 0.537 5.98 IPCA+ 5.1 6.6252 brAAA 02-May-16 Vale VALE48 284 15 109.27 0.381 5.54 IPCA+ 7.6 6.78 AA(bra) 02-May-16 VLI Multimodal VLIM11 676 4 103.23 0.799 5.94 IPCA+ 3.5 6.8839 AA(bra) 02-May-16 Ventos de São Tito Holdings VNTT11 301 10 111.64 0.361 ND IPCA+ ND 9.236 AA-(bra) 03-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU11 168 2 94.57 0.193 9.17 IPCA+ 4.6 7.86 AA-(bra) 03-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU12 434 13 92.53 0.480 7.86 IPCA+ 5.7 6.4 AA-(bra) 03-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU21 190 4 95.44 0.234 8.98 IPCA+ 4.5 7.86 AA-(bra) 03-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU31 168 2 94.39 0.200 9.17 IPCA+ 4.7 7.86
Table 6: Trades in Brazilian secondary debentures market – Infra Debentures*
Source: ANBIMA, Rating Agency. *Trade rate considers MID Price. ** Leasing debentures are not considered in the secondary market debentures.
Trades in secondary debentures market May-16
Ratings Date Issuer Security
Code Amount Number of trades % Face Value Volume (BRL mn) Trade rate (%) Benchmark Duration (Years) Issuance rate (%)
AA-(bra) 03-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU41 168 2 94.11 0.196 9.17 IPCA+ 5.0 7.86 brAA- 03-May-16 AutoBan ANHB15 1,146 10 98.02 1.391 5.81 IPCA+ 2.3 4.88 brAA- 03-May-16 AutoBan ANHB16 850 2 98.96 0.97 5.79 IPCA+ 3.2 5.428 AA+(bra) 03-May-16 Alupar Investimento APAR16 108 2 99.80 0.12 7.40 IPCA+ 3.9 7.3273 brA+ 03-May-16 Concessionária Auto Raposo Tavares CART12 1,118 15 93.60 1.37 7.00 IPCA+ 5.7 5.8
- 03-May-16 Chapada do Piauí I CHPA11 200 2 106.84 2.42 ND IPCA+ ND 9.223 - 03-May-16 Copel Telecomunicações CTEL11 234 15 108.78 2.68 6.34 IPCA+ 5.6 7.9633 brAA- 03-May-16 Ecovias ECOV22 8,135 6 91.66 9.40 5.79 IPCA+ 6.1 4.28 AA+(bra) 03-May-16 Ferreira Gomes Energia FGEN13 190 9 ND 0.24 ND IPCA+ ND 6.4686
brAA- 03-May-16 Comgas GASP14 178 2 107.60 0.20 5.20 IPCA+ 4.0 7.1432 - 03-May-16 Interligação Eletrica do Madeira S/A IEMD12 170 2 94.43 2.15 ND IPCA+ ND 5.50 Aa2.br 03-May-16 Intervias IVIA24 50 2 99.31 0.59 6.21 IPCA+ 3.1 5.96 brAA- 03-May-16 MRS Logística MRSL27 4,370 9 100.96 5.03 ND IPCA+ ND 6.43 A2.br 03-May-16 ViaLagos RDLA12 800 4 103.47 0.90 6.35 IPCA+ 3.6 7.34 Baa1.br 03-May-16 Concessionária Rodovias do Tietê RDVT11 15,976 47 90.89 18.65 9.82 IPCA+ 5.6 8.00 - 03-May-16 Salus Infraestrutura Portuária SAIP11 895 33 ND 1.03 ND IPCA+ ND 6.79 A(bra) 03-May-16 Saneatins SNTI13 18 5 108.04 0.21 ND IPCA+ ND 10.33 A(bra) 03-May-16 Saneatins SNTI23 386 19 110.42 0.46 ND IPCA+ ND 10.33 AAA(bra) 03-May-16 Tractebel Energia TBLE15 902 2 106.04 1.12 5.30 IPCA+ 6.2 6.30 Aa2.br 03-May-16 AES Tietê TIET34 170 2 110.14 0.20 5.75 IPCA+ 3.9 8.43 brAAA 03-May-16 Vale VALE18 1,490 13 102.97 1.88 5.65 IPCA+ 3.7 6.46 brAAA 03-May-16 Vale VALE19 198 9 104.03 0.23 5.51 IPCA+ 3.7 6.62 brAAA 03-May-16 Vale VALE29 870 18 102.51 0.99 6.12 IPCA+ 5.1 6.63 brAAA 03-May-16 Vale VALE38 271 5 106.39 0.35 5.75 IPCA+ 6.8 6.71 brAAA 03-May-16 Vale VALE48 180 8 108.63 0.24 5.62 IPCA+ 7.6 6.78 AA(bra) 03-May-16 VLI Multimodal VLIM11 849 6 104.52 1.02 5.56 IPCA+ 3.5 6.88 AA(bra) 03-May-16 Ventos de São Tito Holdings VNTT11 350 10 110.05 0.41 ND IPCA+ ND 9.24 AA-(bra) 04-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU11 188 5 97.55 0.22 8.44 IPCA+ 4.6 7.86 AA-(bra) 04-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU12 376 11 92.58 0.42 7.85 IPCA+ 5.6 6.40 AA-(bra) 04-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU21 14 2 101.55 0.02 7.50 IPCA+ 4.6 7.86 AA-(bra) 04-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU31 16 2 100.73 0.02 7.70 IPCA+ 4.8 7.86 AA-(bra) 04-May-16 Concessionária do Aeroporto Intl Guarulhos AGRU41 16 2 100.75 0.02 7.70 IPCA+ 5.1 7.86 brAA- 04-May-16 AutoBan ANHB15 250 3 97.52 0.30 6.05 IPCA+ 2.3 4.88 brA+ 04-May-16 Concessionária Auto Raposo Tavares CART12 224 5 95.46 0.28 6.63 IPCA+ 5.7 5.80 - 04-May-16 Copel Telecomunicações CTEL11 328 10 107.85 3.73 6.50 IPCA+ 5.6 7.96 brAA- 04-May-16 Ecovias ECOV12 498 2 94.61 0.59 5.60 IPCA+ 3.3 3.80 brAA- 04-May-16 Ecovias ECOV22 122 4 90.33 0.14 6.05 IPCA+ 6.1 4.28 A2.br 04-May-16 EDP - Energias Do Brasil ENBR24 42 4 ND 0.05 ND IPCA+ ND 8.32 A2.br 04-May-16 EDP - Energias Do Brasil ENBR34 160 2 ND 0.20 ND IPCA+ ND 8.26 AA+(bra) 04-May-16 Ferreira Gomes Energia FGEN13 76 4 ND 0.10 ND IPCA+ ND 6.47 brAA- 04-May-16 Comgas GASP14 577 5 106.59 0.65 5.45 IPCA+ 4.0 7.14 brAA- 04-May-16 Comgas GASP23 1,858 5 98.85 2.35 5.65 IPCA+ 2.2 5.10 brAA- 04-May-16 Comgas GASP34 98 2 110.04 0.11 5.78 IPCA+ 6.5 7.36 brAA- 04-May-16 MRS Logística MRSL17 28 2 98.91 0.03 ND IPCA+ ND 5.98 brAA- 04-May-16 MRS Logística MRSL27 14 3 102.93 0.02 ND IPCA+ ND 6.43 A+(bra) 04-May-16 Odebrecht Transport ODTR11 2 2 80.42 0.02 10.15 IPCA+ 6.7 6.70 brAA- 04-May-16 Rodonorte RDNT14 10 1 99.15 0.12 6.00 IPCA+ 3.2 5.69 Baa1.br 04-May-16 Concessionária Rodovias do Tietê RDVT11 927 21 93.82 1.12 9.20 IPCA+ 5.7 8.00 - 04-May-16 Salus Infraestrutura Portuária SAIP11 185 18 ND 0.22 ND IPCA+ ND 6.79 A(bra) 04-May-16 Saneatins SNTI13 84 16 111.12 1.01 ND IPCA+ ND 10.33 A(bra) 04-May-16 Saneatins SNTI23 696 9 105.65 0.80 ND IPCA+ ND 10.33 brA 04-May-16 Santo Antônio Energia STEN23 14 2 84.58 0.14 10.87 IPCA+ 5.3 7.4943 AA+(bra) 04-May-16 Termeletrica Pernambuco III TEPE11 6 2 74.69 0.00 ND IPCA+ ND 9.11 AA+(bra) 04-May-16 Termeletrica Pernambuco III TEPE21 6 2 74.13 0.00 ND IPCA+ ND 9.11 AA+(bra) 04-May-16 Termeletrica Pernambuco III TEPE31 6 2 79.90 0.01 ND IPCA+ ND 9.11 AA+(bra) 04-May-16 Termeletrica Pernambuco III TEPE41 6 2 75.38 0.01 ND IPCA+ ND 9.11 Aa2.br 04-May-16 AES Tietê TIET34 430 7 109.83 0.51 5.83 IPCA+ 3.8 8.4328 AA(bra) 04-May-16 Ventos de São Tomé Holding TOME12 1,218 6 105.94 1.48 ND IPCA+ ND 8.8593 brAAA 04-May-16 Vale VALE19 2,616 19 101.92 2.95 6.10 IPCA+ 3.7 6.6232 brAAA 04-May-16 Vale VALE29 1,874 22 103.25 2.14 5.98 IPCA+ 5.1 6.6252 brAAA 04-May-16 Vale VALE38 100 4 103.34 0.13 6.20 IPCA+ 6.8 6.71 brAAA 04-May-16 Vale VALE48 410 6 108.59 0.55 5.63 IPCA+ 7.6 6.78
Table 7: Trades in Brazilian secondary debentures market – Infra Debentures*
Source: ANBIMA, Rating Agency. *Trade rate considers MID Price. ** Leasing debentures are not considered in the secondary market debentures.
Chart 1: Most traded debentures (28/Apr/2016 to 04/May/2016)
Chart 2: Most traded debentures – 2016YTD
Source: ANBIMA / BTG Pactual (BRL millions)
Source: ANBIMA / BTG Pactual (BRL millions)
Table 8: Issuances distributed in the Brazilian local market
Source: BTG Pactual
Trades in secondary debentures market May-16
Ratings Date Issuer Security
Code Amount Number of trades % Face Value Volume (BRL mn) Trade rate (%) Benchmark Duration (Years) Issuance rate (%)
AA(bra) 04-May-16 VLI Multimodal VLIM11 208 2 104.18 0.25 5.66 IPCA+ 3.5 6.8839 AA(bra) 04-May-16 Ventos de São Tito Holdings VNTT11 1,830 24 107.09 2.11 ND IPCA+ ND 9.236
8,9 8,2 7,9 6,7 6,4 6,2 6,1 6,1 5,9 5,9 5,3 5,3 0,0 1,0 2,0 3,0 4,0 5,0 6,0 7,0 8,0 9,0 10,0 LAME29 JSML18 AESS12 IGTA14 RDCO14 NATU15 VLIM11 MSTL11 AGRU12 SNTI23 HMSL15 VALE19 737,5 354,3 328,9 322,3 233,4 231,1 208,6 184,0 183,6 174,1 162,3 157,3 0 200 400 600 800 CEMT25 CIEL14 CMTR15 CCHOA8 CTEL11 RSCF41 BRPR15 MULP13 SBSPA9 MRVE17 BNDP36 MAQN11 Issuer Date of bookbuilding Type Volume of issuance (R$ MM) Volume issued (R$ MM) Maturity Benchmark Final Spread Original spread RATING
CCR de z-15 DEB 476 R$ 400.0 R$ 400.0 3Y %DI 124.10% 124.10% Fi tch AA+(bra )
Localiza ja n-16 DEB 476 R$ 200.0 R$ 200.0 5Y %DI 113.90% 113.90% Fi tch AAA(bra )
Banco Mercedes-Benz do Brasil de z-15 LF R$ 200.0 R$ 200.0 2.1Y %DI 105.50% 106.50% Fi tch AAA(bra )
Paraná Banco de z-15 LF R$ 250.0 R$ 250.0 2Y %DI 116.50% 116.50% Fi tch AA-(bra )
CPC ja n-16 DEB 476 R$ 1,250.0 R$ 1,250.0 3Y DI+ 3.50% 3.50% Fi tch AA(bra )
Bayer ma r-16 CRA R$ 102.0 R$ 107.6 2.8Y DI+ 0.29% 0.29% S&P brAAA
Cemig Distribuição ma r-16 DEB 476 R$ 1,615.0 3Y DI+ 4.05% 4.05% Fi tch AA-(bra )
Cemig Distribuição ma r-16 DEB 476 R$ 0.0 5Y NTNB20 - 3.50% Fi tch AA-(bra )
Suzano ma r-16 CRA R$ 500.0 R$ 600.0 4Y %DI 98.00% 99.50% S&P brAA (s f)
BRF ma r-16 CRA R$ 1,000.0 R$ 1,000.0 3Y %DI 96.50% 96.50% S&P brAAA (s f)
Duratex ma r-16 CRA R$ 500.0 R$ 675.0 6Y %DI 98.00% 102.50%
-CCAB Agro ma r-16 CRA R$ 85.0 R$ 79.5 3Y DI+ 2.00% 2.50% S&P brAA- (s f)
EDP Energias do Brasil a br-16 DEB 476 R$ 250.0 R$ 250.0 250.0 IPCA+ 8.35% 8.35% Moody's A2.br Pipeline
BR Malls a br-16 DEB 476 R$ 200.0 3Y %DI 114.00% Fi tch AA(bra )
Burger King a br-16 CRA R$ 150.0 4Y DI+ 1.50%
Table 9: Latest moves by the three main rating agencies
Source: S&P, Moody’s and Fitch
Chart 3: Term structure of local interest rate
Chart 4: DPGE change (adjusted for money-market rate)
Source: Bloomberg. 05/May/2016
Source: CETIP. 05/May/2016
Chart 5: Letras Financeiras change (adjusted for money-market rate)
Source: CETIP. 05/May/2016
Issuer Agency Agency's action Reason Type Current Prior Outlook
Brazil Fitch downgrade of rating issuer global scale BB BB+ Negative
Odebrecht Engenharia e Construção Fitch downgrade of rating issuer global / national scale B+ / A-(bra) BB / AA-(bra) WatchNeg
Renova Energia Fitch downgrade of rating issuer national scale BBB-(bra) A-(bra) WatchNeg
Gol Linhas Aéreas Inteligentes Fitch downgrade of rating issuer global / national scale C / C(bra) CCC/CCC(bra)
-Gol Linhas Aéreas Inteligentes S&P downgrade of rating issuer global / national scale CC / brCC CCC- / brCCC- WatchNeg
Camil Alimentos S&P outlook change issuer global / national scale Negative Stable
-Odebrecht Engenharia e Construção S&P downgrade of rating issuer global / national scale B+ / brBBB- BB- / brA- WatchNeg
Rodovia das Colinas S&P assignment of rating debentures issuance national scale brAA- -
-AB Concessões S&P assignment of rating issuer national scale brAA- - Negative
Triângulo do Sol Auto-Estradas S&P downgrade of rating debentures issuance national scale brAA- brAA
-BM&FBovespa S&P downgrade of rating issuer global scale BB BB+ Negative
Gol Linhas Aéreas Inteligentes Moody's downgrade of rating issuer global scale Caa3 Caa1 Negative
Gol Finance Moody's downgrade of rating senior bonds issuance global scale Caa3 Caa2
-Gol Finance (Perpetual notes) Moody's downgrade of rating senior bonds issuance global scale C Caa2
-Odebrecht Engenharia e Construção Moody's downgrade of rating issuer global / national scale B2 / Ba2.br Ba2 / Aa2.br UnderReview
6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00
Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 5-mai-16 30-abr-16 31-mar-16
-1.600 -1.400 -1.200 -1.000 -800 -600 -400 -200 0 200 m a i-1 5 ju n -1 5 ju l-1 5 a g o -1 5 s e t-1 5 o u t-1 5 n o v -1 5 d e z -1 5 ja n -1 6 fe v -1 6 m a r-1 6 a b r-1 6 m a i-1 6 V a ri a ç ã o d o e s to q u e e m R $ m ilh õ e s -10 -5 0 5 10 15 J u n -1 5 J u l-1 5 A u g -1 5 S e p -1 5 O c t-1 5 N o v -1 5 D e c -1 5 J a n -1 6 F e b -1 6 M a r-1 6 A p r-1 6 M a y -1 6 V a ri a ç ã o d o e s to q u e m e n s a l ( R $ b i)
Brazilian Corporate Bonds (Offshore)
Chart 6: Investment Grade Corporates
Source: Bloomberg. 05/May/2016
Chart 7: High Yield Corporates
Source: Bloomberg. 05/May/2016
RAIZBZ 7 '17 GGBRBZ 7.25 '17 GGBRBZ 7 '20 VALEBZ 4.63 '20 BVMFBZ 5.5 '20 GGBRBZ 5.75 '21 BRASKM 5.75 '21 VALEBZ 4.38 '22 BRASKM 5.38 '22 GLOPAR 4.88 '22 BRFSBZ 5.88 '22 EMBRBZ 5.15 '22 GGBRBZ 4.75 '23 CIELBZ 3.75 '22 BRASKM 6.45 '24 GGBRBZ 5.89 '24 EMBRBZ 5.7 '23 BRFSBZ 3.95 '23 FIBRBZ 5.25 '24 KLAB 5.25 '24 BRFSBZ 4.75 '24 GGBRBZ 7.25 '44 BRASKM 7.13 '41 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 0 1 2 3 4 5 6 7 8 9 10 11 M ID Y T W Duration PETBRA 3.5 '17PETBRA 3.25 '17 MRFGBZ 8.38 '18 PETBRA 3 '19 BEEFBZ 8.75 'Perp MRFGBZ 6.88 '19 MRFGBZ 9.5 '20 PETBRA 4.88 '20 JBSSBZ 7.75 '20 PETBRA 5.38 '21 SBSPBZ 6.25 '20 SUZANO 5.88 '21 ELEBRA 5.75 '21 BEEFBZ 7.75 '23 JBSSBZ 6.25 '23 PETBRA 6.25 '24 CSANBZ 5 '23 PETBRA 4.38 '23 JBSSBZ 7.25 '24 TUPY 6.63 '24 JBSSBZ 5.88 '24 JBSSBZ 5.75 '25 PETBRA 7.25 '44 PETBRA 6.88 '40 PETBRA 6.85 '15 BRPRSA 9 'Perp CSANBZ 8.25 'Perp BRMLBZ 8.5 'Perp PETBRA 5.63 '43 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 0 1 2 3 4 5 6 7 8 9 10 11 12 M ID Y T W Duration
Chart 8: Large Banks
Source: Bloomberg. 05/May/2016
Chart 9: Small & Mid-size Banks
Source: Bloomberg. 05/May/2016
BTGPBZ 4.88 '16 BNDES 3.38 '16 BRADES 4.5 '17 SANBBZ 4.63 '17 CAIXBR 2.38 '17 BNDES 6.37 '18 ITAU 2.85 '18 CAIXBR 4.5 '18 BNDES 4 '19 CAIXBR 4.25 '19 BRADES 6.75 '19 BANVOR 7.38 '20 ITAU 6.2 '20 BNDES 5.5 '20 BANBRA 5.38 '21 BRADES 5.9 '21 BRADES 5.75 '22 ITAU 5.5 '22 BANBRA 5.88 '23 BANBRA 3.88 '22 CAIXBR 3.5 '22 BNDES 5.75 '23 ITAU 5.13 '23 BSANTM 4.13 '22 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 6.5 7.0 7.5 0 1 2 3 4 5 6 7 M ID Y T W Duration FIBRA 8.5 '16 BCOBMG 8 '18 BCOBMG 9.63 '17 DAYCOV 5.75 '19 BCOBMG 9.95 '19 BCOPAN 8.5 '20 BCOBMG 8.88 '20 ABCBBZ 7.88 '20 BICBBZ 8.5 '20 BONSUC 9.25 '20 BRSRBZ 7.38 '22 0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 32 34 36 38 0 1 2 3 4 5 M ID Y T W Duration
Table 10: Latest issuances of Brazilian Corporate Bonds
Source: BTG Pactual / Bloomberg
Chart 10: Treasury 2Y and Libor 1Y Spread
Chart 11: US Treasury curve
Source: Bloomberg. 05/May/2016
Source: Bloomberg. 05/May/2016
Chart 12: Investment Grade Bonds - Top and worst price performances
(WTD)
Chart 13: High Yield Bonds - Top and worst price performances (WTD)
Source: Bloomberg. 05/May/2016
Source: Bloomberg. 05/May/2016
Issuer Type Country Size (m n) Currency Ann.Date Coupon Yield Tenor Maturity Rating
Braskem (re-tap) Corp Brasil 250 USD 16-Jan-14 6.450% 6.038% 10Y 03-Feb-24 BBB- / BBB- / Baa3
Fibria Corp Brasil 600 USD 07-May-14 5.250% 5.340% 10Y 12-May-24 Ba1 / BB+ /
BBB-Caixa Econôm ica Federal Bank Brasil 1300 USD 06-May-14 4.250% 4.330% 5Y 13-May-19 BBB- / BBB
Tonon Bioenergia Corp Brasil 230 USD 09-May-14 10.500% 10.75% 10Y 14-May-24 B
BRF Corp Brasil 750 USD 15-May-14 4.750% 4.950% 10Y 22-May-24 Baa3 / /
BBB-GVO Corp Brasil 135 USD 09-Jun-14 10.875% 10.999% 6Y 13-Jan-20 B- / B / B2
Marfrig Corp Brasil 850 USD 10-Jun-14 6.875% 6.875% 5Y 24-Jun-19 B / B / B2
Odebrecht O&G Corp Brasil 400 USD 10-Jun-14 7.000% 7.00% Perp -
BBB-Rio Oil Finance Trust Corp Brasil 2000 USD 12-Jun-14 6.250% 6.299% 10Y 06-Jul-24 BBB
Banco do Brasil Bank Brasil 2500 USD 11-Jun-14 9.000% 9.000% Perp - Ba3
JBS Corp Brasil 750 USD 11-Jun-14 5.875% 5.875% 10Y 15-Jul-24 BB / BB- / Ba3
Cia Brasileira de Alum inio (VID) Corp Brasil 400 USD 11-Jun-14 4.750% 4.890% 10Y 17-Jun-24 BBB / Baa3
Odebrecht Finance Corp Brasil 500 USD 19-Jun-14 5.250% 5.250% 15Y 27-Jun-29 Baa3 / BBB / BBB
OAS Corp Brasil 400 USD 25-Jun-14 8.000% 8.000% 7Y 02-Jul-21 B1 / BB- / B+
Klabin Corp Brasil 500 USD 9-Jul-14 5.250% 5.250% 10Y 16-Jul-24
BBB-Tupy Corp Brasil 350 USD 10-Jul-14 6.625% 6.625% 10Y 17-Jul-24 BB- / BB
Intercem ent Corp Brasil 750 USD 10-Jul-14 5.750% 5.875% 10Y 17-Jul-24 BB / BB
Caixa Econôm ica Federal Bank Brasil 500 USD 16-Jul-14 7.250% 7.250% 10Y 23-Jul-24 Ba3 / BB+
Minerva (re-tap) Corp Brasil 200 USD 13-Aug-14 7.750% 6.879% 10Y 31-Jan-23
BB-BTG Pactual Bank Brasil 1300 USD 11-Sep-14 8.750% 8.750% Perp - Ba3 / B+
GOL Corp Brasil 325 USD 18-Sep-14 8.875% 9.120% 8Y 24-Jan-22
B-Cim entos Tupi (re-tap) Corp Brasil 25 USD 6-Apr-11 9.750% 9.750% 7Y 11-May-18 B / B / B
Rio Oil Finance Trust Corp Brasil 1100 USD 14-Nov-14 6.750% 6.750% 12.5Y 06-Jan-27
BBB-Votorantim Cim entos Corp Brasil 500 EUR 7-May-15 3.500% 3.737% 7.2Y 13-Jul-22 BBB / BBB / Baa3
Itau Unibanco Holding Bank Brasil 1050 USD 18-May-15 2.850% 2.860% 3Y 26-May-18 BBB- / BBB+ / Baa3
JBS USA Corp Brasil 900 USD 20-May-15 5.750% 5.750% 10Y 15-Jun-25 Ba2 / BB+
Petrobras Corp Brasil 2500 USD 1-Jun-15 6.850% 8.450% 100Y 05-Jun-15 BBB- / BBB- / Ba2
BRF Corp Brasil 500 EUR 29-May-15 2.750% 2.820% 7Y 03-Jun-22 BBB / BBB- / Baa3
Em braer Corp Brasil 1000 USD 8-Jun-15 5.050% 5.091% 10Y 15-Jun-25 Baa3 / BBB
0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 2 2 -m a i-0 9 2 2 -j u l-0 9 2 2 -s e t-0 9 2 2 -n o v -0 9 2 2 -j a n -1 0 2 2 -m a r-1 0 2 2 -m a i-1 0 2 2 -j u l-1 0 2 2 -s e t-1 0 2 2 -n o v -1 0 2 2 -j a n -1 1 2 2 -m a r-1 1 2 2 -m a i-1 1 2 2 -j u l-1 1 2 2 -s e t-1 1 2 2 -n o v -1 1 2 2 -j a n -1 2 2 2 -m a r-1 2 2 2 -m a i-1 2 2 2 -j u l-1 2 2 2 -s e t-1 2 2 2 -n o v -1 2 2 2 -j a n -1 3 2 2 -m a r-1 3 2 2 -m a i-1 3 2 2 -j u l-1 3 2 2 -s e t-1 3 2 2 -n o v -1 3 2 2 -j a n -1 4 2 2 -m a r-1 4 2 2 -m a i-1 4 2 2 -j u l-1 4 2 2 -s e t-1 4 2 2 -n o v -1 4 2 2 -j a n -1 5 2 2 -m a r-1 5 2 2 -m a i-1 5 2 2 -j u l-1 5 2 2 -s e t-1 5 2 2 -n o v -1 5 2 2 -j a n -1 6 2 2 -m a r-1 6 Treasury 2Y Libor 1Y 0.0 0.5 1.0 1.5 2.0 2.5
12M 2Y 3Y 5Y 10Y 15Y 20Y
5-mai-16 30-abr-16 31-mar-16
KLAB '24 EMBRBZ '25 BRASKM '41 BRASKM 'oo CIELBZ '22 BRASKM '24 BRASKM '21 VALEBZ '19 VALEBZ '34 VALEBZ '20 VALEBZ '36 VALEBZ '39 VALEBZ '42 VALEBZ '22 -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% USJACU '19 MAGGBZ 'oo BTGINV '18 ODEBRE '22 BANBRA '23 BANBRA '22 BMEBMZ '20 OIBRBZ '22 ODBR 'oo SAMMIN '22 SAMMIN '23 SAMMIN '24 ODBR '29 ODBR '25 -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
This report has been prepared by Banco BTG Pactual S.A.
The figures contained in performance charts refer to the past; past performance is not a reliable indicator of future results.
Pesquisa de Crédito do BTG Pactual S.A.: Definição de recomendações
O BTG Pactual S.A. adota modelo de recomendação que busca classificar potenciais oportunidades de investimento nos mercados de renda fixa
privada e respectivos setores.
Perspectiva para
Horizonte
de Tempo
Terminologia
do BTG Pactual S.A.
Expectativa
Definição
Fundamentos de
Crédito da Companhia
6 meses
Positiva
melhore
É esperado que os fundamentos de crédito da
companhia <expectativa> em um horizonte de tempo
de seis meses
Estável
se mantenha estável
Negativa
piore
Debênture
3 meses
COMPRAR
performance superior
à do mercado
É esperado que a companhia/debênture apresente
<expectativa> sobre outras companhias/debêntures em
um dado grupo de comparação denominados em moeda
local em um horizonte de tempo de três meses
MANTER
performance em linha
com à do mercado
VENDER
performance inferior
à do mercado
Qualquer tipo de
recomendação
N/A
Em Revisão
N/A
A recomendação encontra-se em revisão e uma nova
recomendação pode ser publicada nos próximos 18 dias
Analyst Certification
Each research analyst primarily responsible for the content of this investment research report, in whole or in part, certifies that:
(i) all of the views expressed accurately reflect his or her personal views about those securities or issuers, and such recommendations were elaborated independently, including in relation to Banco BTG Pactual S.A. and/or its affiliates, as the case may be;
(ii) no part of his or her compensation was, is, or will be, directly or indirectly, related to any specific recommendations or views contained herein or linked to the price of any of the securities discussed herein.
Research analysts contributing to this report who are employed by a non-US Broker dealer are not registered/qualified as research analysts with FINRA and therefore are not subject to the restrictions contained in the FINRA rules on communications with a subject company, public appearances, and trading securities held by a research analyst account.
Part of the analyst compensation comes from the profits of Banco BTG Pactual S.A. as a whole and/or its affiliates and, consequently, revenues arisen from transactions held by Banco BTG Pactual S.A. and/or its affiliates.
Where applicable, the analyst responsible for this report and certified pursuant to Brazilian regulations will be identified in bold on the first page of this report and will be the first name on the signature list.
Disclosures das Companhias
Company Name
COELBA
1, 2, 4, 6, 18, 19, 20CopelTelecom
18, 19, 20, 21, 22Ecovias
1, 2, 4, 6, 18, 19, 20MetroBahia
1, 2, 4, 6, 18, 19, 20Rodoanel Oeste
1, 4, 18, 19, 20, 22Rodovias do Tietê
1, 2, 4, 6, 18, 19, 201. Within the past 12 months, Banco BTG Pactual S.A., its affiliates or subsidiaries has received compensation for investment banking services from this company/entity.
2. Banco BTG Pactual S.A, its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services and/or products and services other than investment services from this company/entity within the next three months.
4. This company/entity is, or within the past 12 months has been, a client of Banco BTG Pactual S.A., and investment banking services are being, or have been, provided.
6. Banco BTG Pactual S.A. and/or its affiliates receive compensation for any services rendered or presents any commercial relationships with this company, entity or person, entities or funds which represents the same interest of this company/entity.
18. As of the end of the month immediately preceding the date of publication of this report, neither Banco BTG Pactual S.A. nor its affiliates or subsidiaries beneficially own 1% or more of any class of common equity securities
19. Neither Banco BTG Pactual S.A. nor its affiliates or subsidiaries have managed or co-managed a public offering of securities for the company within the past 12 months.
20. Neither Banco BTG Pactual S.A. nor its affiliates or subsidiaries engaged in market making activities in the subject company's securities at the time this research report was published. 21. Banco BTG Pactual S.A. or its affiliates or subsidiaries have not received compensation for investment banking services from the companies in the past 12 months
Disclaimer Global
This report has been prepared by Banco BTG Pactual S.A. (“BTG Pactual S.A.”), a Brazilian regulated bank. BTG Pactual S.A. is the responsible for the distribution of this report in Brazil. BTG Pactual US Capital LLC (“BTG Pactual US”), a broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation is distributing this report in the United States. BTG Pactual US is an affiliate of BTG Pactual S.A. BTG Pactual US assumes responsibility for this research for purposes of U.S. law. Any U.S. person receiving this report and wishing to effect any transaction in a security discussed in this report should do so with BTG Pactual US at 212-293-4600, 601 Lexington Ave. 57th Floor, New York, NY 10022.
This report is being distributed in the United Kingdom and elsewhere in the European Economic Area (“EEA”) by BTG Pactual Europe LLP (“BTG Pactual UK”), which is authorized and regulated by the Financial Conduct Authority of the United Kingdom. This report may also be distributed in the United Kingdom in the United Kingdom and elsewhere in the EEA by BTG Pactual S.A. and/or BTG Pactual US. BTG Pactual UK has not: (i) produced this report, (ii) substantially altered its contents, (iii) changed the direction of the recommendation, or (iv) disseminated this report prior to its issue by BTG Pactual US. BTG Pactual UK does not distribute summaries of research produced by BTG Pactual US.
BTG Pactual Chile S.A. Corredores de Bolsa (“BTG Pactual Chile”), formerly known as Celfin Capital S.A. Corredores de Bolsa, is a Chilean broker dealer registered with Superintendencia Valores Y Seguros (SVS) in Chile and responsible for the distribution of this report in Chile and BTG Pactual Perú S.A. Sociedad Agente de Bolsa (“BTG Pactual Peru”), formerly known as Celfin Capital S.A. Sociedad Agente e Bolsa, registered with Superintendencia de Mercado de Valores (SMV) de Peru is responsible for the distribution of this report in Peru. BTG Pactual Chile and BTG Pactual Peru acquisition by BTG Pactual S.A. was approved by the Brazilian Central Bank on November 14th, 2012.
BTG Pactual S.A. Comisionista de Bolsa (“BTG Pactual Colombia”) formerly known as Bolsa y Renta S.A. Comisionista de Bolsa, is a Colombian broker dealer register with the Superintendencia Financeira de Colombia and is responsible for the distribution of this report in Colombia. BTG Pactual Colombia acquisition by BTG Pactual S.A. was approved by Brazilian Central Bank on December 21st, 2012.
References herein to BTG Pactual include BTG Pactual S.A., BTG Pactual US Capital LLC, BTG Pactual Europe LLP, BTG Pactual Chile and BTG Pactual Peru and BTG Pactual Colombia as applicable. This report is for distribution only under such circumstances as may be permitted by applicable law. This report is not directed at you if BTG Pactual is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. You should satisfy yourself before reading it that BTG Pactual is permitted to provide research material concerning investments to you under relevant legislation and regulations. Nothing in this report constitutes a representation that any investment strategy or recommendation contained herein is suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. It is published solely for information purposes, it does not constitute an advertisement and is not to be construed as a solicitation, offer, invitation or inducement to buy or sell any securities or related financial instruments in any jurisdiction. Prices in this report are believed to be reliable as of the date on which this report was issued and are derived from one or more of the following: (i) sources as expressly specified alongside the relevant data; (ii) the quoted price on the main regulated market for the security in question; (iii) other public sources believed to be reliable; or (iv) BTG Pactual's proprietary data or data available to BTG Pactual. All other information herein is believed to be reliable as of the date on which this report was issued and has been obtained from public sources believed to be reliable. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning Banco BTG Pactual S.A., its subsidiaries and affiliates, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. In all cases, investors should conduct their own investigation and analysis of such information before taking or omitting to take any action in relation to securities or markets that are analyzed in this report. BTG Pactual does not undertake that investors will obtain profits, nor will it share with investors any investment profits nor accept any liability for any investment losses. Investments involve risks and investors should exercise prudence in making their investment decisions. BTG Pactual accepts no fiduciary duties to recipients of this report and in communicating this report is not acting in a fiduciary capacity. The report should not be regarded by recipients as a substitute for the exercise of their own judgment. Opinions, estimates, and projections expressed herein constitute the current judgment of the analyst responsible for the substance of this report as of the date on which the report was issued and are therefore subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of BTG Pactual as a result of using different assumptions and criteria. Because the personal views of analysts may differ from one another, Banco BTG Pactual S.A., its subsidiaries and affiliates may have issued or may issue reports that are inconsistent with, and/or reach different conclusions from, the information presented herein. Any such opinions, estimates, and projections must not be construed as a representation that the matters referred to therein will occur. Prices and availability of financial instruments are indicative only and subject to change without notice. Research will initiate, update and cease coverage solely at the discretion of BTG Pactual Investment Bank Research Management. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. The analyst(s) responsible for the preparation of this report may interact with trading desk personnel, sales personnel and other constituencies for the purpose of gathering, synthesizing and interpreting market information. BTG Pactual is under no obligation to update or keep current the information contained herein, except when terminating coverage of the companies discussed in the report. BTG Pactual relies on information barriers to control the flow of information contained in one or more areas within BTG Pactual, into other areas, units, groups or affiliates of BTG Pactual. The compensation of the analyst who prepared this report is determined by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues, however, compensation may relate to the revenues of BTG Pactual Investment Bank as a whole, of which investment banking, sales and trading are a part. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Options, derivative products and futures are not suitable for all investors, and trading in these instruments is considered risky. Mortgage and asset-backed securities may involve a high degree of risk and may be highly volatile in response to fluctuations in interest rates and other market conditions. Past performance is not necessarily indicative of future results. If a financial instrument is denominated in a currency other than an investor’s currency, a change in rates of exchange may adversely affect the value or price of or the income derived from any security or related instrument mentioned in this report, and the reader of this report assumes any currency risk. This report does not take into account the investment objectives, financial situation or particular needs of any particular investor. Investors should obtain independent financial advice based on their own particular circumstances before making an investment decision on the basis of the information contained herein. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. Neither BTG Pactual nor any of its affiliates, nor any of their respective directors, employees or agents, accepts any liability for any loss or damage arising out of the use of all or any part of this report. Notwithstanding any other statement in this report, BTG Pactual UK does not seek to exclude or restrict any duty or liability that it may have to a client under the “regulatory system” in the UK (as such term is defined in the rules of the Financial Conduct Authority). Any prices stated in this report are for information purposes only and do not represent valuations for individual securities or other instruments. There is no representation that any transaction can or could have been effected at those prices and any prices do not necessarily reflect BTG Pactual internal books and records or theoretical model-based valuations and may be based on certain assumptions. Different assumptions, by BTG Pactual S.A., BTG Pactual US, BTG Pactual UK, BTG Pactual Chile and BTG Pactual Peru and BTG Pactual Colombia or any other source, may yield substantially different results. This report may not be reproduced or redistributed to any other person, in whole or in part, for any purpose, without the prior written consent of BTG Pactual and BTG Pactual accepts no liability whatsoever for the actions of third parties in this respect. Additional information relating to the financial instruments discussed in this report is available upon request. BTG Pactual and its affiliates have in place arrangements to manage conflicts of interest that may arise between them and their respective clients and among their different clients. BTG Pactual and its affiliates are involved in a full range of financial and related services including banking, investment banking and the provision of investment services. As such, any of BTG Pactual or its affiliates may have a material interest or a conflict of interest in any services provided to clients by BTG Pactual or such affiliate. Business areas within BTG Pactual and among its affiliates operate independently of each other and restrict access by the particular individual(s) responsible for handling client affairs to certain areas of information where this is necessary in order to manage conflicts of interest or material interests. Any of BTG Pactual and its affiliates may: (a) have disclosed this report to companies that are analyzed herein and subsequently amended this report prior to publication; (b) give investment advice or provide other services to another person about or concerning any securities that are discussed in this report, which advice may not necessarily be consistent with or similar to the information in this report; (c) trade (or have traded) for its own account (or for or on behalf of clients), have either a long or short position in the securities that are discussed in this report (and may buy or sell such securities), with the securities that are discussed in this report; and/or (d) buy and sell units in a collective investment scheme where it is the trustee or operator (or an adviser) to the scheme, which units may reference securities that are discussed in this report.
United Kingdom and EEA: Where this report is disseminated in the United Kingdom or elsewhere in the EEA by BTG Pactual UK, this report is issued by BTG Pactual UK only to, and is directed
by BTG Pactual UK at, those who are the intended recipients of this report. This report has been classified as investment research and should not be considered a form of advertisement or financial promotion under the provisions of FSMA 2000 (Sect. 21(8)).
Dubai: This research report does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe for or purchase, any securities or investment products in the UAE
(including the Dubai International Financial Centre) and accordingly should not be construed as such. Furthermore, this information is being made available on the basis that the recipient acknowledges and understands that the entities and securities to which it may relate have not been approved, licensed by or registered with the UAE Central Bank, Emirates Securities and Commodities Authority or the Dubai Financial Services Authority or any other relevant licensing authority or governmental agency in the UAE. The content of this report has not been approved by or filed with the UAE Central Bank or Dubai Financial Services Authority.
United Arab Emirates Residents: This research report, and the information contained herein, does not constitute, and is not intended to constitute, a public offer of securities in the United Arab Emirates and accordingly should not be construed as such. The securities are only being offered to a limited number of sophisticated investors in the UAE who (a) are willing and able to conduct an independent investigation of the risks involved in an investment in such securities, and (b) upon their specific request. The securities have not been approved by or licensed or registered with the UAE Central Bank or any other relevant licensing authorities or governmental agencies in the UAE. This research report is for the use of the named addressee only and should not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof). No transaction will be concluded in the UAE and any enquiries regarding the securities should be made with BTG Pactual CTVM S.A. at +55 11 3383-2638, Avenida Brigadeiro Faria Lima, 3477, 14th floor, São Paulo, SP, Brazil, 04538-133.
