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O Mercado Brasileiro de Securitização Imobiliária: uma análise comparativa de spreads

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  • Eduardo Fernandes Cazassa

Abstract

Este trabalho busca apresentar o contexto do mercado brasileiro de Certificados de Recebíveis Imobiliários (CRIs) como instrumento de dívida, desenvolvimentos recentes e uma análise comparativa de spreads desses títulos.A literatura existente relata o subdesenvolvimento do mercado brasileiro de títulos de dívida privada. Entretanto, uma análise mais profunda dos títulos de dívida estruturada pode relacionar os motivos para seu relativo sucesso e perspectivas de crescimento. A experiência americana é brevemente descrita. Estatísticas sobre o mercado brasileiro de dívida são apresentadas. O mercado brasileiro de dívida oferece grandes oportunidades para o mercado de dívida privada, apesar da forte existência do mercado de dívida pública.Neste trabalho, o autor investiga o spread entre os CRIs, títulos da dívida pública e as debêntures locais. Os resultados preliminares indicam um comportamento oportunístico de mercado ao se apropriar de ganhos adicionais em momentos de ajustes econômicos.Com o objetivo de aprofundamento do conhecimento e do maior uso deste tipo de dívida estruturada, as principais recomendações deste trabalho são: (i) o incentivo ao mercado primário e secundário por meio de padronização das emissões; (ii) maior disponibilidade de informações detalhadas para comparação com benchmark de mercado; (iii) menor exigência de valor mínimo para compradores desses instrumentos; (iv) a existência de um benchmark de vencimento longo assim como de curva de juros pré-fixada de longo prazo. Em resumo, há boas perspectivas para crescimento no mercado de dívida privada, em especial para instrumentos de dívida estruturada.

Suggested Citation

  • Eduardo Fernandes Cazassa, 2015. "O Mercado Brasileiro de Securitização Imobiliária: uma análise comparativa de spreads," LARES lares_2015_1181-1365-1-rv, Latin American Real Estate Society (LARES).
    • Handle: RePEc:lre:wpaper:lares_2015_1181-1365-1-rv
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    References listed on IDEAS

    as
    1. Marques, Manuel O. & Pinto, João M., 2020. "A comparative analysis of ex ante credit spreads: Structured finance versus straight debt finance," Journal of Corporate Finance, Elsevier, vol. 62(C).
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    3. Eduardo Borensztein & Kevin Cowan & Barry Eichengreen & Ugo Panizza (ed.), 2008. "Bond Markets in Latin America: On the Verge of a Big Bang?," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262026325, December.
    4. James Vickery & Joshua Wright, 2013. "TBA trading and liquidity in the agency MBS market," Economic Policy Review, Federal Reserve Bank of New York, vol. 19(May), pages 1-18.
    5. Sudarat Ananchotikul & Barry Eichengreen, 2008. "Plumbing for Latin American capital markets," BIS Papers chapters, in: Bank for International Settlements (ed.), New financing trends in Latin America: a bumpy road towards stability, volume 36, pages 110-139, Bank for International Settlements.
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    More about this item

    Keywords

    CRI; financiamento imobiliário; precificação; Pricing; real estate financing; securitização; securitization; spread;
    All these keywords.

    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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