From January to May of this year,
aggregate issuance of Real Estate-Backed Securites called Certificados de Recebíveis Imobiliários,
or CRI, reached R$ 5.14 billion. This marked a 163.3% growth rate when compared to 2010, which registered
R$ 1.95 billion in issuance in the same period.
Note that the aggregate issuance reached an all-time high in 2010 (R$ 8.53 billion)
following a strong performance during the last months of the year. If the same growth path were to occur along
2011 (in other words, 22.9% issued through May and 77.1% issued from June to December), the market for CRI would reach the
impressive figure of R$ 22.45 billion issued for the year.
Corporate credit continues to be the predominant collateral type for CRI. 87.7% of these securities
issued in the first five months of 2011 were backed-by this type of credit, while household credit backed
the remaining 12.3%. This breakdown shows great similarity to the previous year, when 85.0% of
CRI issuance was backed by corporate credit.
Recently, there is a growing number of CRI issues that are backed by real estate credit represented
by securities as Bank Credit Bills (Cédulas de Crédito Bancário, CCB) and Debentures. Issuances backed by this type of
collateral reached R$ 791.2 million in the five months up to May in 2011, or 15.5% of aggregate issuance. When collateral
is broken down between Rental and Credit, the CRI issuance market in 2011 has been dominated by the former,
with R$ 3.17 billion in volume, or 61.7%, while the latter kept R$ 1.96 billion, or 38.3%.
For a comprehensive, updated and detailed data set on CRI issuance and related information,
please access the Data section on Orbis or contact Uqbar (info@uqbar.com.br).
