Movable Values

The investor also must be intent the evaluation of rating and the triggers that assist in the preservation of notes gotten in the date of the emission, since rating must be trustworthy and to suffer changes throughout the time where the heading is inside of the deep one. This also can compromise the flow of entrance of resources for the deep one, reason for which a degradation of the quality can cause the liquidation of the deep one. The investor also must look at the risk of dissolution of marriage of tax of interests, in the case of the deep ballast of being, for example, predetermined, whereas the quota has post-fixed taxes; the risk of decurrent daily pay-payment of the drawees who can occur in deep with ballast in loans in consignment contract in leaf of payment or real estate recebveis. Finally, it has the liquidity risk after the regimen of lack, that can occur if a deep one to reserve for its box an amount evaluation, amortization and liquidation and the reasons had caused that them. For example, a custodiante exchange would cause the evaluation event, that must be explained the corporate shareholders. Such events consist in mechanisms of protection to the investors.

These instruments, when carefully analyzed, appear as an interesting alternative for the diversification of portflio because, if chosen well and in the correct amount inside of a portflio, they can add more return front to the risk, increasing the efficiency of the wallet. Although destined only the qualified investors as the definition given for the Commission of Movable Values (CVM), the Investment funds in Credit Rights, must have its analyzed prospects, regulations and abridgement of rating with much attention. The analysis of these> alternative investments gain more relevance in a context of tax of reasonable real interests of economy. In case that contrary, the relation return front to the incurred risk of these investments can leave of being perceived as atraente.*Marcelo Rabbat is managing of the PR& , The specialized company at risk of Credit, Risk of Mercado and Consultoria de Investimento. Source: Notebook of Economy