RB Capital to Issue CRIs

Brazil investment firm RB Capital is structuring and issuing BRL60m in certificados de recebiveis imobiliarios due in 2017. It will pay 230bp over inflation-linked NTN-B due 2015 paper, says Marcelo Michalua, managing director at RB Capital. The NTN-B was yielding 6.45% Monday. The A rated issue is backed by future receivables from 2 of General Shopping’s majority-owned malls. General Shopping will use proceeds to develop more commercial real estate. Michalua says he expects to close the book on the issue in early April. General Shopping owns and operates 13 malls in Brazil.