BRAZIL. Liquid & Sophisticated Financial Markets. Urban Larson Senior Product Specialist Standish Mellon Asset Management May 8, 2014
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1 BRAZIL Liquid & Sophisticated Financial Markets Urban Larson Senior Product Specialist Standish Mellon Asset Management May 8, 2014
2 EFFECTIVE REGULATION Banco Central do Brasil (BCB) Commisão de Valores Mobiliários (CVM) BMF-Bovespa CETIP Oversees solvency of financial system Regulates trading in all financial markets De facto monopoly on trading and clearing of equities and derivatives De facto monopoly on trading and clearing of local currency bonds There is no true OTC market as ALL transactions (including derivatives) must be centrally cleared and reported to regulators in real time.
3 INVESTOR FRIENDLY MARKETS Local institutional investors (pension funds, mutual funds, insurance companies) are the main participants. T+3 settlement for equities, T+2 or T+3 for local currency bonds No withholding tax for US and Canadian investors. Tax on foreign portfolio inflows currently set at 0%. Minimal capital controls. Well capitalized, technologically advanced banking system. High standards of financial disclosure Investment Grade rating
4 EQUITIES Total Market Capitalization (3/31/14): US$$1.4 Trillion Average Daily Trading Volume (Q1 2014): US$2.6 billion 370 listed companies, 9 new listings in Q companies also have ADRs listed on the New York Stock Exchange. 134 companies are listed on the Novo Mercado, with higher standards of corporate governance. Foreign investors account for half of trading volume.
5 A DIVERSE MARKET, BUT LACKING TECH COMPANIES 72 shares from 65 companies are included in the index: IBOVESPA Type of Company Weighting in IBOVESPA Examples State Owned 21% Petrobrás, Banco do Brasil, Eletrobrás Novo Mercado 39% Brasil Foods, Banco do Brasil, BMF-Bovespa Commodities 27% Petrobrás, Vale, Gerdau Consumer & Retail 14% Ambev, Brasil Foods, Renner Financials 27% Bradesco, Itaú, Banco do Brasil Manufacturers 2% Embraer, Duratex Real Estate 6% BR Malls, PDG, Cyrela Services 4% Anhanguera, Localiza Telecoms 3% Telefónica Brasil, Oi Transportation 3% ALL, CCR, Gol Utilities 6% Eletrobrás, Cemig, Sabesp
6 ON AND PN SHARES AND THE NOVO MERCADO Most large Brazilian listed companies have two share classes, ON and PN. PN shares are called Preferenciais but they are actually common shares, not preferred shares. PN shares have a minimum dividend that must be paid before ON shares get a dividend but they do not have voting rights. This structure makes it easier to gain control of a company as PN shareholders do not have a vote and do not have to be bought out when control changes hands. PN shares are usually more liquid than ONs as the latter tend to be closely held by the control group. Novo Mercado listed companies have only ON shares. Most of the Novo Mercado listings have been small and mid-cap companies but some big companies such as state owned Banco do Brasil and Brasil Foods have made the switch. Most IPOs are Novo Mercado listings
7 FIXED INCOME Four options for investing in Brazilian bonds: Local currency sovereign bonds: $865 billion outstanding $4.5 billion average daily volume traded Fixed rate, floating rate and inflation linked bonds are all widely traded Maturities range from one month to 30 years (inflation linked only beyond 15 years) 83% of market is owned by local investors. Local currency corporate bonds: $93 billion outstanding Approximately 150 issuers 80% floating rate, 20% inflation linked 5-10 year tenors Foreign participation is insignificant Infrastructure debentures (inflation linked) are popular with foreign investors and have the same tax incentives as sovereign bonds.
8 FIXED INCOME Four options for investing in Brazilian bonds: US Dollar sovereign bonds $42 billion outstanding $7 billion issued in other currencies (Euros, Yen, Pound) Rated BBB- by Standard & Poors Little new issuance as government prefers to issue in Reais. US Dollar corporate bonds $178 billion outstanding in corporate and quasi-sovereign external bonds Generally issued by bigger, more internationally focused companies Most issuers are investment grade.
9 DERIVATIVES BMF-Bovespa clears and settles ALL derivatives, including OTC Local interest rate contracts are the most widely traded, followed by BRL contracts. Other currency contracts, equity derivatives and commodity contracts are also traded. 2.8 million contracts traded daily. (Q1 2014) Volume is 70% local, 30% foreigners
10 BRAZILIAN INSTITUTIONAL INVESTORS Fixed Income Equities Other Total AUM DB Pensions 53.5% 35.2% 11.3% $209.5 billion DC Pensions 80.2% 13.0% 6.8% $73.3 billion Mutual Funds 46.8% 8.0% 45.2% $997.7 billion Note: other includes multi-asset funds, infrastructure debentures, structured products, real estate and foreign investments
11 WHAT HOLDS THE BRAZILIAN FINANCIAL MARKETS BACK? Remaining capital controls: the currency is still not fully convertible, although it is freely traded in the financial markets. IOF (Financial Transactions Tax) applied to foreign portfolio investments has not been removed, simply set at 0%. It could be re-imposed at any time. High interest rates raise local investors minimum required returns, increasing volatility in equities and creating a bias towards fixed income. Dual share classes and other failures of corporate governance. Government interference in state owned companies. Fiscal policy, lack of statutory independence for Central Bank. Disappointing growth, uncertain medium term outlook.
12 SOURCES ABRAPP (Associação Brasileira das Entidades Fechadas de Previdência) ANBIMA (Associação Brasileira das Entidades dos Mercados Financeiros e de Capitais) Bank of America Merrill Lynch Bloomberg BMF-Bovespa JP Morgan Standish Mellon Asset Management
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