Greenberg — BTG Pactual (BPAC11) is issuing R$1.2 billion in Agribusiness Receivables Certificates (CRAs), according to a person with knowledge of the matter who spoke to Bloomberg News and asked not to be identified, as the bank did not public announcement of the offer. The bank will probably use the resources from this operation to finance commodities trading company Engelhart CTP, which is a unit of BTG.
Before this issuance of CRAs, BTG had already issued at least two others this year. At the end of August, the bank launched R$1.6 billion, and allocated the resources to finance its subsidiary. The notes were issued with a 10-year term by Opea Securitizadora.
Previously, the bank had already carried out the largest CRA issuance in the history of the local market, selling R$3.5 billion to investors, according to the newspaper Valor Econômico. CRAs are exempt from income tax for individuals.
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