Fundos de investimento em direitos creditórios: determinantes da taxa de captação dos FIDCs
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Data
2016
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Ridolfo Neto, Arthur
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The securitization market through Receivables Funds (FIDC) in Brazil is still not as developed as international markets. The development of this market would provide to banks and companies access to funding sources in addition to its cash generation or the issuance of new shares. Banks and companies should keep the search for alternative forms of financing, obtaining thus diversifying its sources of funding. The main purpose of this study is to assess how the characteristics of FIDCs affect the spread of their senior shares. To this were evaluated 151 series of senior shares, issued between 2002 and 2014. In the analysis were used multivariate analysis using multiple linear regression, using the method of Ordinary Least Squares (OLS), to evaluate the effect of the variables on the spread. The results showed that the volume of emissions affects how other variables affect the spread. The funds with bigger size have their spread influenced by characteristics of their originators and features of its structure, while smaller funds are priced by private negotiation between the issuer and investors