Braskem Files ABS

Braskem has filed to raise BRL588m through an ABS using the FIDC structure. The Brazilian petrochemicals maker’s latest securitization of accounts receivable, known as Chemical VI, will have a 2 year maturity, according to the prospectus. A BRL544.8m senior tranche, rated Aaa on a national scale, will pay a maximum of the DI rate plus 1.3%, while a BRL43.2m subordinated piece, rated Ba1, will pay a maximum of DI plus 5.7%. It does not give an indication of when the FIDC is expected to close. Banco do Brasil, Bradesco and Banco Votorantim are managing the transaction.