*By Leonardo Costanza and Luiz Castello Branco
Fixed income investments are generally known for their low risk index and discreet return. However, some categories, still little known, have shown growth among professional investors, such as FIDC's (Investment Funds in Credit Rights), which allow professional investors to invest in receivables from certain companies.
According to a survey of Securities and Exchange Commission (CVM), less than 30% of professional investors have shares in this type of market. However, the model has stood out in recent years. Also according to the survey, the number of funds allocated to FIDC's increased from 747 in 2017 to 1,225 in 2020, resulting in a growth of around 64%. Regarding the values, data from the Brazilian Association of Financial and Capital Markets Entities (Anbima) indicate that the securities issued for this type of investment increased from R＄ 16.4 billion to R＄ 32.2 billion, in the same period , which equates to over 96% of growth.
Given this scenario, it is important to understand the risks and advantages of investing in the Credit Rights Investment Fund, as well as the important role of technology in helping those who choose to enter this market.
What is the Credit Rights Investment Fund and how it works
This investment model is regulated by the Securities and Exchange Commission (CVM) and intended, as mentioned above, for professional investors, that is, people or companies experienced in the investment field, wealth managers, credit funds and investors with CVM certification. .
The FIDC is structured in three categories of quotas: Subordinate, Mezzanine and Senior. The first is a quota similar to investment in capital, that is, the profitability is higher than the other quotas, but it has a high risk, since, in case of default in relation to the bonds, they are the first to be affected. . In addition, they only receive the amounts after the other shares, as they are part of the investment base.
The mezzanine quota is intermediate and is preferred over the subordinate quota, which reduces the risks and, consequently, the profitability of investors in this category. And, finally, the Senior share, which has priority over the other two, with even lower risks and reduced profitability. This is because, in priority order, senior shareholders are the first to receive dividends and the last to be affected in the event of default.
Benefits and challenges when investing in FIDC's
The main point to be addressed when it comes to FIDC is the risk in relation to investments. When buying Bank Deposit Certificates (CDBs) from banks, for example, the guarantee of receipt is high, with a return of 100% of the Interbank Deposit Certificate (CDI). In the case of debentures, the risk belongs to the investor and no longer to the bank. In this case, when investing in FIDC, it is necessary to carry out credit analysis, the possibility of default and expected returns. Based on this, the FIDC enables differentiated profitability, far above the CDI, with risk levels that the investor has the technical capacity to assess.
In this sense, technology becomes a great ally, not only for the investor, but also for the transferor, that is, the company that owns the credit rights. This happens because there are companies specialized in this market that offer integrated management systems that organize the entire process necessary for credit companies, attract professional investors in the market and offer real-time information in order to monitor and assist in more assertive decision-making.
This automated process guarantees the company greater efficiency and agility by eliminating errors and, consequently, concrete results. For investors, process management guarantees security, eliminates risks and enables greater assertiveness in decisions. The combination of these benefits provides the professional investor with differentiated profitability, with reduced risks.
In general, the FIDC has become an important alternative in the fixed income segment and has conquered a strategic space in the investment market. In this way, when aligned with the technological development and the facilities made possible by it, it is interesting, both for professional investors and for companies that wish to enter this market, to study the category and discover the business opportunities offered from it.
*Leonardo Costanza is Director of Innovation and New Business at Sky One, a company specialized in the development of platforms that automate and facilitate the use of cloud computing. Now, Luiz Castello Branco is CEO of CreditCorp, a company that anticipates receivables through the 100% digital platform for companies that need to balance their cash flow.
Notice: The opinion presented in this article is the responsibility of its author and not of ABES - Brazilian Association of Software Companies
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