Financing Conditions
Long-term financing
- BNDES will continue to play an important role in financing infrastructure expansion
- The participation of banks and capital markets will be expanded
- Issuance of infrastructure bonds for greater access to public funding referenced by TJLP
- Operators must bring in capital
- Increased opportunities for national and international institutional investors
- Development of mechanisms for risk management and mitigation
Financial requirements by the BNDES
The issuance of at least 10% of infrastructure bonds increases the share of TJLP-referenced funding from 35% to 45%
| ROADS | No bonds | With minimum (10%) bonds | With maximum (25%) bonds |
|---|---|---|---|
| BNDES TJLP + 1,2% p.a.. + credit risk | 35% | 45% | 45% |
| BNDES other sources + 1.2% pa + Credit risk | 35% | 15% | 0% |
| Infrastructure bonds | 0% | 10% | 25% |
| Equity + Cash flow | 30% | 30% | 30% |
In the case of Railways, BNDES can finance up to 70% referenced by TJLP, and up to 20% at market rates, regardless of the issuance of infrastructure bonds.
| RAILWAYS | No bonds | With 20% bonds |
|---|---|---|
| BNDES TJLP + 1.2% pa + Credit risk | 70% | 70% |
| BNDES other sources + 1.2% pa + Credit risk | 20% | 0% |
| Infrastructure bonds | 0% | 20% |
| Equity + Cash flow | 10% | 10% |
The issuance of at least 10% infrastructure bonds increases the share of TJLP-referenced funding from 25% to 35%
| PORTS | No bonds | With minimum (10%) bonds | With maximum (35%) bonds |
|---|---|---|---|
| BNDES TJLP + 1.5% pa + Credit risk | 25% | 35% | 35% |
| BNDES other sources + 1.5% pa + Credit risk | 45% | 25% | 0% |
| Infrastructure bonds | 0% | 10% | 35% |
| Equity + Cash flow | 30% | 30% | 30% |
The issuance of at least 15% infrastructure bonds increases the share of funding referenced by TJLP from 15% to 30%
| AIRPORTS | No bonds | With minimum (15%) bonds | With maximum (35%) bonds |
|---|---|---|---|
| BNDES TJLP + 1.5% pa + Credit risk | 15% | 30% | 35% |
| BNDES other sources + 1.5% pa + Credit risk | 55% | 25% | 0% |
| Infrastructure bonds | 0% | 15% | 35% |
| Equity + Cash flow | 30% | 30% | 30% |
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