A Brazilian receivable investment fund (FIDC) backed by future contracts to supply sugar and liquid sugar is set to launch later this month, according to a source close the deal. The originator is Dedini-Dulcini Agroindustrial, and the size is currently set at R$80 million ($36.8 million), with a R$76 million senior tranche. With a maturity of one year, the senior shares are rated a short-term F1(bra)' by Fitch Ratings on its national scale. The yield has been set at 110% of the benchmark CDI rate.
Gainvest do Brasil and LinkCorp. are joint arrangers on the deal and Oliveira Trust is the administrator. Citibank is the custodian.