Brazilian Lender Readies FIDC

Banco Intermedium is preparing a BRL150m ($94m) FIDC transaction backed by credit receivables from government agencies for sale in the domestic market. The 4-year fund pays a spread to the DI that is to be defined during the bookbuilding process. The transaction has not yet been rated, and is expected to close in October. The FIDC will purchase receivables for credits originated by the social security institute INSS and other public entities. Itau is managing the sale.