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Banks’ option for 2-year bonds could make up 15% of funding by February 2011

Banks’ option for 2-year bonds could make up 15% of funding by February 2011

With the decision to allow Brazilian banks to do local issues with a minimum term of two years, this new funding option could make up as much as 15% of the financial industry’s funding by February 2011, the president of midsize banking association ABBC, Renato Oliva, told BNamericas. Financial institutions received permission from national monetary council CMN to start the programs, which will be known as “Letras Financeiras” (LF), central bank BCB said in a statement on February 25. Read the full article.

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This entry was posted on Monday, March 1st, 2010 at 11:30 pm and is filed under Stock & Bond Market News. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.

BM&FBOVESPA Announces Proposed Amendments to the Listing Rules for its Special Listing Segments

This week (Wednesday, July 7), BM&FBOVESPA (Bovespa: BVMF3) presented proposed amendments to the listing rules for its special listing segments. These proposals will be subject to review in a closed hearing for the coming thirty days. Listed issuers (Novo Mercado and Corporate Governance Levels 1 and 2) will have until August 6, 2010 to respond. It is worth noting that by the end of June 2010, these segments included 159 issuers representing 66.9% of the market capitalization, 72.7% of the financial traded value and 77.1% of the number of trades on BM&FBOVESPA’s cash market.

In addition to being forwarded to the issuers, the proposed listing rules will be available for consultation on the BM&FBOVESPA website (only available in Portuguese). The revised listing rules are expected to take effect in November, after the closed hearing and final approval by both the board of directors of BM&FBOVESPA and by the Brazilian Securities and Exchange Commission (CVM). Issuers will then be communicated the final wording of the revised listing rules. The amendments will be presented for voting by group of topic and will only be implemented if not opposed by more than one-third of the issuers voting in each listing segment.

The objective of this new revision is to sustain the value of BM&FBOVESPA’s listing segments, and therefore their differential and attractiveness to investors and issuers, in addition to preserving the value of the Novo Mercado segment as a national and international benchmark.

The proposed amendments BM&FBOVESPA presents to issuers are the result of a fully transparent and democratic process. In order to ensure the involvement of all stakeholders in the discussion, the Exchange strived to avoid limiting the process to its own perception. In addition, the Exchange also established the Novo Mercado Advisory Committee (CCNM) in collaboration with various market agents and conducted seminars and discussion forums with the issuers in order to present the proposed amendments.

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