Initiatives for the development of the fixed-income market

Throughout the year, the BNDES participated in initiatives linked to the development of the fixed-income market, such as the construction of the New Fixed-Income Market, captained by the Brazilian Financial and Capital Market Entity Association (Anbima), and the structuring of the liquidity fund, still in progress.

Furthermore, the Bank introduced new financial costs to its operational policies and altered the conditions of a few existing ones. This process was aimed at increasing the options available to beneficiaries of financial support, besides making the transfer of market fundraising feasible. In this sense, worthy of mention are floating costs based on the TJ3 and TJ6 rates, disclosed by the BM&FBovespa; the availability of two loan concession alternatives tied to the Selic (Special Liquidation and Custody System) rate; and changes in the calculation methodology of the financial cost and the rules for operationalizing the product referenced in the Amplified Consumer Price Index (IPCA).

Also, in relation to the Bank’s operational policies, the BNDES’ participation percentages were reduced for investment projects, attributing the Capitals Market with the task of covering the remaining portion of national companies’ financing needs.

The Bank has also promoted changes in the Debenture Acquisition Program in public bids, prioritizing issuances with characteristics compatible with the development of the market (such as the presence of market instructors) and excluding securities whose remuneration is totally indexed to the inter-banking deposit rate (DI).

Finally, by means of a new policy for the turnover of portfolio securities, which aims at contributing to the development of the secondary market for corporate securities, the BNDES intensified negotiations in the debenture market, based on a careful evaluation of fair market prices. In 2011, the relative participation of the BNDES in the total volume negotiated by the market, considering only the debentures already negotiated by the Bank, was 13.4%.