Petrochemical FIDC Approved

Brazilian regulators have approved a BRL514m ($328m) Fundo de Investimento em Diretos Creditorios (FIDC) backed by Petrobras credit receivables from Braskem and its subsidiaries, according to the CVM. The 3-year FIDC Insumos Basicos da Industria Petroquimica plans to pay investors the DI rate plus up to 1.0%. Itau and Santander are managing the sale, which has yet to be rated. IntragDTVM is the administrator.