Brazilian arranger Rio Bravo Investimentos has started building the book for a transport-related receivable investment fund (FIDC), with global money a major target. "We are pretty positive that the pricing on this deal is going to be attractive to foreign investors," said Marcos Lima, a structured finance analyst at Rio Bravo. Hedge funds and investment banks with branches in Brazil could be amenable to buying in, he added. The anticipated volume of senior shares totals R$150 million ($72 million).

The fund is scheduled to price in about a week. As a seven-year deal, its reception by foreign investors will likely send out a signal about the global appetite for longer-dated Brazilian risk. So far, foreign hedge funds have focused on shorter-dated deals.

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