Brazilian state power giant Furnas Centrais Eletricas is in the market with a R$336 million ($119 million) receivables investment fund (FIDCs) backed by a mix of three loans that the company was keen to get off its books, according to a source familiar with the transaction. Banco Santander is arranging the deal and also acting as asset manager, a role akin to that of trustee in the FIDC structure.

Moody's Investors Service has rated the transaction Aa3.br' on the national scale and Ba2' on the local currency global scale, perhaps signaling an aggressive push into the sector, given that the agency has been less active than its peers in rating FIDCs. The Furnas fund is closed-ended and has a 4.5-year tenor, with a legal final maturity of April 2009.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.