Operation Empurro

The distrust is not with the CCB in itself, but with possible conflicts of interest in the operation. According to consultoria RiskOffice, increased the number of deep with CCBs originated by its banks to finance the flotation of shares of companies. But in this year the total supply of CCBs in the market passed of R$ 12,9 billion in December for R$ 17, 489 billion in July, in accordance with the numbers of the Andima.A operation, called ‘ ‘ equity kicker’ ‘ (‘ ‘ push in aes’ ‘) one became very common enters the banks of investment for ‘ ‘ to embelezar noiva’ ‘ before the flotation of shares. The owner of the company receives a loan from the bank that contracted to make the flotation of shares and emits the CCB in its name or of the company.

The heading is with the bank as guarantee and is pay when the company vende the actions. The problem, according to Marcelo Rabbat, of the RiskOffice, is that the initial offers of action (IPOs, in the acronym in English) had diminished this year with the turbulence of the stock market. Sobrou CCB in wallets of the banks and some had been to stop in the deep ones managed for these same banks. Ebay has firm opinions on the matter. In some cases, deep not the purchase the CCB definitively, but makes operations compromissadas with the treasure-house of the bank, that vende the paper per one day for the deep one. The CCB is until a paper of interesting credit and that it can have a bigger yield, Rabbat says. ‘ ‘ The question is the risk of possible conflict of interests: the rendering bank of services at the same time acts as financial of the company who goes to help to vender to the market and still superficially he is owner of a manager of resources who goes to buy this exactly papel’ ‘ , it says. Worried about the negotiation of the CCBs, the Andima last week defined rules that they search to prevent interest conflicts. The UBS Pactual Asset Management admitted to have CCBsoriginados for the proper bank, but this said to have vendido all week..