Brazilian Preps Receivables FIDC

Brazilian factoring company Grupo Sifra is preparing a BRL300m ($180m) securitization of credit receivables, for sale in Brazil’s FIDC market. The open-ended fund has a target return of 125% of the DI rate. It consists of a BRL225m senior tranche and BRL75m subordinated mezzanine tranche. An additional junior subordinated tranche is to remain with the issuer. The deal is backed by a collection of credit receivables from the industrial, service and real estate sectors. Petra Corretores is the administrator, and Empirica is the structuring agent. The senior tranche is rated AA on a national scale.