Expectations for the capital market for 2021 they are “positive” for offers of shares (IPOs and follow-ons), domestic corporate debt (debentures) and international (bonds) and securitized transactions (CRAs and real estate funds), as stated by Anbima’s vice president, José Eduardo Laloni, at a press conference held this Wednesday afternoon.
In 2020, even with the crisis caused by covid-19 pandemic, the capital market raised R $ 369.8 billion, a volume 15% lower than that registered in 2019. Among the highlights, the variable income segment raised R $ 119.3 billion, the highest volume since 2011, informed Laloni. Of this amount, R $ 74 billion in secondary stock offers and R $ 45.3 billion in IPOs.
However, capital market experts consider that the Brazilian image abroad in matters environmental, social and corporate governance (ESG, acronym in English) is a risk even in this environment of abundance of liquidity and low interest rates in the world and may hinder the performance of offers this year.
“We have a very strong wave of sustainability now. Companies are being charged and will continue to be charged a lot on ESG issues. This charge is widespread, not only for equity offers, but also for corporate debt. Companies need to prepare for meet these demands “, said Kieran McManus, partner at PwC Brasil, in an interview with Estadão / Broadcast.
With a similar opinion, Carlos Ferrari, a partner in the capital market area at NFA Advogados, says that “green bonds” will be the most demanded by the market in 2021. ” CVM (Securities and Exchange Commission) is attentive to this ESG issue and will discuss this issue this year, “he said.
McManus recalls that more than 40 companies are queuing at CVM to go public this year. “It is already possible to predict a race for the capital market, in IPOs and follow-ons, for different sectors. This wave of sustainability brings attention to renewable energy projects, solar panels, ethanol and sugar, and sustainable agribusiness. But also we will see offers from industries linked to technology, education – which has a strong demand – and from the financial sector that intends to take advantage of this good moment of low interest rates “, he said.
Ferrari complements that the securitization segment through offers of receivables certificates from the agribusiness (CRA) should gain even more dynamism in 2021, but with the environmental concern at the center of the questioning by investors, who demand so-called “green bonds”, or green bonds.
“The Brazilian business community is maturing for the environmental issue. And this year we will have the novelty of the Agribusiness Investment Fund, which has already passed approval in Chamber of Deputies and is in Federal Senate. It is a regulation similar to that of Real Estate Investment Fund (FII), which is growing a lot with low interest rates. The new fund will be able to put resources directly into the agribusiness activity “, pointed out Ferrari.
Infrastructure and privatizations
Regarding the corporate debt market, Ferrari said that the investor still “has a lot of interest” in infrastructure projects, concessions in the area of transportation (highways, railways, ports, airports), energy, sanitation and telecommunications. “These are sectors considered to be safer”, says the partner of the capital market area of NFA Advogados.
For McManus, there is still some hope for the market in the course of privatization and fiscal reforms. “Hope is the last to die. Governments (federal and state) need to prepare themselves adequately for privatization, a way to generate resources at a time of public debt containment. There are very attractive assets for the capital market”, concludes the partner of PwC Brasil.