Understand The Radar

What is it?

The Radar is a free service where the domestic and international financial communities can follow on a bi-monthly basis securitization events in the Brazilian market and information produced exclusively by Uqbar, including indexes, rankings and much more, as detailed below.

Aggregate Indicators

Presents the net asset value (NAV) and the number of funds in operation on the last working day of the month. Only receivables investment funds (fundos de investimento em direitos creditários, FIDC) are considered. Funds for which the NAV was not divulged for the day in question are not considered.

Amount of issuances year-to-date. Information received by Uqbar up to the date preceding that of the publication are considered. The securities considered are certificates of real estate receivables (certificados de recebíveis imobiliários, CRI) and shares of FIDC.

Registrations of public offers at the Brazilian securities authority (Comissão de Valores Mobiliários, CVM) of securities that are new since the previous edition are considered. The securities considered are CRI and shares of FIDC.

Total amount of public offers registered at the CVM in the year. The securities considered are CRI (provisional registration) and shares of FIDC.

New public offers for which registration has been waived by the CVM since the last edition are considered. The securities included are CRI and shares of FIDC.

Total amount year-to-date of public offers for which registration at the CVM has been waived. The securities considered are CRI and shares of FIDC.

Real estate securitization companies and FIDC that have been registered at the CVM since the previous edition are considered.

Total number year-to-date of real estate securitization companies and FIDC registered at the CVM.

Rankings - First Place Only

Considers FIDC that issued their first securities during the year under analysis, and ranks them by amounts issued. When two or more institutions participate in the same operation, full credit is given to all participants.

The number considered is the amount of securities for which a classification was attributed and not the amount effectively issued. The ranking takes into consideration all the attributions made in the year for new operations (registered or in the process of registration) or old (realized in prior periods, but classified by the agencies in question for the first time during the year). Monitoring reports are not considered in the rankings. A classification, be it preliminary or not, is accounted for only once. When a security receives classifications from two or more agencies, the amount considered for the classification is attributed to both agencies.

Considers the net asset value on the last working day of the month preceding publication, for FIDC that effectively began operations with their first security issuances during the year under analysis. Funds for which the net asset value was not disclosed for the day in question are not considered.

Spreads (basis points over the DI rate)

The spread measures the difference between the security's rate of return and the reference rate (the DI rate) of equal duration. The spread is calculated using the calendar days elapsed and a 360 day year counting convention. The security rate of return is calculated based on the estimated payment flow, which is a projection based on information available at the time of issuance, such as the amortization model and the security's estimated return (in general, CDI-linked).

Custody - Net asset value of FIDC

List of custodians that send information to Uqbar on a daily basis. Funds for which the net asset value was not disclosed for the day in question are not considered.

Calendar of Securitization Events

To include your events in the up-coming editions of Uqbar's Radar, send an e-mail to info@uqbar.com.br

Sponsor the Radar. For more information: info@uqbar.com.br or 21-2529-2925 and ask for Gabriella Achiles.

(1)Information available on uneven numbered editions of the Radar.
(2)Information available on even numbered editions of the Radar.

For more information, please contact us at 55-21-2529-2925 or send an e-mail to info@uqbar.com.br