Braskem Wraps Chemical V

Braskem has closed its latest ABS in the “Chemical” series, the BRL294m Chemical V, according to regulatory documents. The 36-month transaction using the FIDC structure features a BRL272.4m senior Aa1 rated tranche paying the DI rate plus 1.25%, and a BRL21.6m Ba1 rated subordinated piece paying DI plus 5.80%. The securities are backed by supplier receivables for already delivered goods and services. Banco do Brasil and Bradesco managed the sale. Last year’s 18-month Chemical IV raised BRL250m paying DI plus 1.40%.