Subscription, by BNDES, of unsecured debentures, issued by open capital enterprises, with real guarantee, fluctuating guarantee or without preference (unsecured), negotiated at the securities market through primary or secondary public distributions.


» Purposes

Develop the fixed income market of corporate securities, issued by open capital enterprises operating in the economy sectors supported by BNDES, except for financial institutions, leasing or other enterprises integrating financial conglomerates; 

Contribute to business strategy execution of the issuing corporations, with a clear identification of results for the Brazilian economy at medium and long-term; 

Support the adoption of distributing and negotiating procedures that privilege, among others, the transparency, the dispersion of securities in the market, the liquidity, including the market-maker participation, standardization and governance; 

Optimize the management of BNDES funds, directed to eliminate the unbalance between liability and asset positions generated by the operations performed in the ambit of its corporate object; 

Generate new sources of funds, upon a policy of return on investments higher than the usually carried out, which, as a result of the increase in results, may contribute to a cost reduction of the other financial products offered to its clients; and 

Increase the offer of financial products and services to BNDES clients. 


» Supportable items

Investments in fixed assets; 

Working capital, in cases when it is essential to the success of the issuing corporation's business; 

Research and development expenditures or in other intangible assets that are key factors for the success of business undertaken by the issuing corporation; 

Mergers and acquisitions, in cases when scale and scope gains resulting from business consolidation are important to stimulate the issuing corporation's growth; and 

Other purposes not described in the previous items, provided that there is an identification, at the issuing corporation's strategy, of reasons justifying the BNDES support by means of the acquisition of debentures. 


» Limit of Participation

The subscription or acquisition of debentures in public offers will be limited to 15% (fifteen per cent) of: 

The total amount of each series initially offered, in case of a primary offer; 

The total amount of each series, in a secondary public offer; and 

The volume of each outstanding series, in case of acquisition in the secondary market.