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Will Santander's IPO Charge UP Earnings

October 22, 2009

Analysis of:Banco Santander's Brazil Unit Raises $8 Billion in I.P.O. | www.nytimes.com

Santander Brazil has succeeded in executing the largest IPO year to date. How soon will that translate into strong profits?

The Brazilian Flintstone Tax

October 20, 2009

Analysis of:Brazilian Stocks, Currency Tumble on Tax on Foreign Purchases | www.bloomberg.com

The enactment today of the 2% financial tax on incoming foreign portfolio purchases shows the stone age mentality of the financial ministry.

Where Goes The Brazilian RMBS Market?

September 23, 2009

Analysis of:Public Offer of CRIs by Gaia Securitizadora S.A. for Brookfield Incorporacoes | siteempresas.bovespa.com.br

On September 21st a BRL 71 million CRI (pooled residential receivables) was launched for Brookfield Incorporacoes (BISA3) paying a rate of 9.25% corrected by the wholesale inflation index (IGP-M).The underlying securities were CCIs, individual residential receivables, the Brazilian RMBS.CCIs are freely traded, but in the recent past were crowded out by cheaper bank financing.Changes in bank financing and investor interest may mean growth for CCIs.

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