DOCSLIB.ORG

International Corporate Bonds Brazil: May, 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
International Corporate Bonds Brazil: May, 2019 International Corporate Bonds - Brazil 5/22/2019 Monthly Update Summary of Calls Macro Overview Exhibit 1 – 5 & 10 YR YTM – US (%) Yield Catcher Despite fierce competition from local debt capital markets – which have been able to 2,80 - Eldorado 8,625% / 2021 (BB-) provide competitive funding for Brazilian corporates YTD, offshore issues have been - Marfrig 8,00% / 2023 (BB-) 2,70 strong. Recent deal activity has been 3-4x oversubscribed thanks to the recent tightening 2,60 Portfolio Builder of longer-term treasuries and solid demand for higher yield bonds (i.e. CSN, Klabin, - Rede D’Or 4,95% / 2028 (BB) Marfrig and JBS). The spread between the 3M and 5YR treasuries moved from -3bps to - 2,50 - Klabin 4,88% / 2027 (BB+) - Cemig 9.25% / 2024 (B) 14bps MoM on as investors remain cautious about the trade-war tensions between China 2,40 and the US. 2,30 Long Duration - Petrobras 5,63% / 2043 (BB-) Brazil’s 5YR CDS has stabilized at 180bps (+9bps MoM) and is trading at 64bps higher than 2,20 Mexico’s CDS (+3bps YoY). Despite the recent progress towards the ongoing pension 2,10 21-Feb-19 13-Mar-19 02-Apr-19 22-Apr-19 12-May-19 Odilon Costa reform and privatizations, the government still has a long road to go in the coming 10YR 5YR 3M Analyst months. Forecasts for economic activity have diminished and Bolsonaro lost some of his Source(s): Bloomberg, prepared by Eleven Research initial popularity following several minor squabbles with the legislative. Brazilian GDP Luis Dotta estimates for 2019 currently stand at 1.24% (vs. 1.9% last month). The local CDS unlikely Exhibit 2 – 5-YR CDS – Selected LatAm Countries Associate Analyst to close further until something meaningful materializes on the political side. 195 Adeodato Netto Meanwhile, Suzano just launched a U$ 1.25bn dual-tranche deal in which the first tranche 180 Chief Strategist 165 comprises of a new 2030 bond. The second part is a new retap of the 2047 notes. The yield on those transactions amounted to 270bps and 340bps over comparable treasuries. 150 Raul Grego Lemos Proceeds should be used toward liability management (2021s) and general corporate 135 Analyst, CNPI purposes. The company has been terming out maturities following the hefty acquisition 120 of Fibria in 1Q19. Future deal activity should remain concentrated among longer-term 105 bonds. Ultrapar is reportedly preparing a bond issuance (~10YR) to finance its capex plans for FY19. 90 21-Feb-19 13-Mar-19 2-Apr-19 22-Apr-19 12-May-19 Brazil Mexico Colombia Source(s): Bloomberg, prepared by Eleven Research ELEVEN FINANCIAL RESEARCH 1 22-May-19 Coverage Universe This initial coverage includes Brazilian corporate bonds that meet the following criteria: (i) investment grade (BBB- or higher) and upper high yield (B- or higher by at least one rating agency), (ii) U$-denominated and (iii) duration of at least one year. In order to ease industry diversification, we prioritized sectors that have two or more ‘Brazilian Issuers’ (corporates that consolidate their operations in Brazil, are mostly backed by assets or guarantees from companies incorporated in Brazil and/or depend primarily on operating cash flow from operations in the country). In some specific cases – normally in which liquidity is high and there are limited comparable issuers – we also include other Latin American companies in our universe. Exhibit 3 – Summary of Calls Strategy Description Baseline Calls Short-term notes (duration up to 3 years) offering and YTW/YTM significantly higher than that of other Brazilian Issuers – at a cost of higher credit risk and lower Eldorado 8,625% / 2021 (BB-) Yield Catcher liquidity. They are best if held until maturity as their returns are not very correlated with other spreads (i.e. sovereign). Investors should monitor company Marfrig 8,00% / 2023 (BB-) fundamentals, especially liquidity and credit profile until maturity. Medium-term bonds that follow market standards for high yield investments (duration of 3 to 7 years) and have low-to-medium credit risk. These securities Rede D’Or 4,95% / 2028 (BB) Portfolio Builder usually offer returns beyond the Brazilian sovereign and are reasonably liquid. Their returns are prone to market conditions and company fundamentals (medium- Klabin 4,88% / 2027 (BB+) to-high correlation on both ends). Cemig 9.25% / 2024 (B) Long-term securities (duration higher than 7 years) are substantially riskier than their counterparts as price volatility tends to be high. Although most securities Long Duration are issued belong to larger companies, certain high yield corporates are also part of this market. These notes are best if held when interest rates are expected to Petrobras 5,63% / 2043 (BB-) decline (improvement on company and/or country fundamentals). Source(s): Bloomberg, TR Eikon, prepared by Eleven Research Credit Calls Eldorado 2021: After failing to clear a U$ 500m 2026 bond in January 2019 due to corporate governance issues, the pulp and paper continued to post strong results and should be able to repay/refinance its short-term maturities. Shareholders J&F and Paper Excellence continue to fight over control over Eldorado. Net debt declined to R$ 6.3bn last quarter from R$ 7.1bn in 1Q18. The company’s results are expected to remain strong thanks to a depreciated BRL and cost competitiveness (cash cost per ton of pulp lower than rival companies Klabin and Suzano). Yet, we no longer have a bullish case on the commodity and do not see further EBITDA growth in the coming quarters as the company is already operating at full capacity. Net leverage amounted to 2x in 1Q19 (vs. 3.1x in 1Q18). Given the lack of liquidity on Eldorado’s 2021, the notes are best if held until maturity. Marfrig 2023: The meatpacker recently placed a new bond U$1bn 7% bond due 2026 and concluded a tender offer for its shorter notes (2019s and 2021s). Although the exercise improved the company’s liquidity profile, it also contributed to leverage. Net debt to adjusted EBITDA amounted to 2.75x last quarter (+0.4x QoQ). The company expects to generate up to U$ 1.5bn in FCF this year. The opening of new beef markets, especially China, and operational ramp up from a positive protein cycle in the US and Brazil could help tightening the company’s credit spread. Nonetheless, we see Marfrig’s 2023s as an attractive carry because of its higher risk profile (beef-only business) and premium relative to JBS’s 2024s. ELEVEN FINANCIAL RESEARCH 2 22-May-19 Klabin 2027: Although Klabin just announced Puma II – a R$ 9bn project to deliver two Kraftliner machines, we do not expect significant deterioration in the company’s credit metrics. Investments will be diluted over the course of five years and the company has stronger EBITDA generation. Back in 2015, when the pulp and paper producer was building Puma I, net leverage amounted to 6.2x. The company’s net leverage is currently at 3.5x (1Q19 numbers adjusted for the new bond issue). The company’s notes trade at a reasonable spread relative to those offered by its peers and Brazil’s sovereign. Suzano has also been raising a lot of debt to finance the acquisition Fibria and we believe it should take some time until Klabin’s competitor reduces indebtedness. Cemig 2024: The electric utilities company posted net leverage of 3x last quarter (vs. 3.5x in 1Q18) thanks to an improvement in market conditions in both segments (generation and distribution). The stronger outlook for hydro-based generators should help Cemig improve liquidity and deleverage this year. The 2024s trade at a reasonable premium and could offer some pick up as the company moves forward with its asset-disposal plan. Rede D’Or 2028: Despite the ongoing brawl with health plan provider Amil, Rede D’Or’s 2028s continue to offer a decent carry. The company launched an even-more-aggressive capex plan in February. Investments are expected to amount R$ 8bn in the coming 5 years (vs. R$ 7n between 2013-2018). Yet, we believe the expansion is not expected to deteriorate the company’s credit profile. The hospital operator has been able to maintain steady margins and control its cash burn. The potential IPO in the coming quarters could potentially result in a price pick up. Petrobras 2043: The state-owned oil & gas company remains highly committed to its deleveraging process amid a more aggressive capex plan. The company has been transparent and accelerated its asset disposal plan, still offering room for price improvement. We continue to monitor oil prices and the company’s pricing policy closely, regardless of stronger metrics on the liability side. Although the Brent price recovered significantly YTD, it is still 25% lower than its latest peak (3Q18). Removed from Call List Minerva 2026: Despite the temporary cancellation of Athena’s IPO, Minerva continued to deleverage organically in 1Q19 thanks to a positive cattle cycle in Brazil and strong export performance. Net debt to adjusted EBITDA amounted to 3.8x in 1Q19 (-0.1x QoQ). The company lifted Athena as a guarantor its 2026s, paid a premium of U$ 7.5 per U$ 1000 and agreed to buy back bonds within a year. Although the IPO to is expected to take place in the coming months, we see less room for a price pick up. We decided to remove the 2026s from our recommendation list as its yield is currently less attractive than Marfrig’s 2026. Vale 2026: Vale’s bonds are again trading close to the sovereign curve – almost at same price prior to the collapse of Mina do Feijao.
Load more

Recommended publications
  • Fidelity® Emerging Markets Index Fund
    Quarterly Holdings Report for Fidelity® Emerging Markets Index Fund January 31, 2021 EMX-QTLY-0321 1.929351.109 Schedule of Investments January 31, 2021 (Unaudited) Showing Percentage of Net Assets Common Stocks – 92.5% Shares Value Shares Value Argentina – 0.0% Lojas Americanas SA rights 2/4/21 (b) 4,427 $ 3,722 Telecom Argentina SA Class B sponsored ADR (a) 48,935 $ 317,099 Lojas Renner SA 444,459 3,368,738 YPF SA Class D sponsored ADR (b) 99,119 361,784 Magazine Luiza SA 1,634,124 7,547,303 Multiplan Empreendimentos Imobiliarios SA 156,958 608,164 TOTAL ARGENTINA 678,883 Natura & Co. Holding SA 499,390 4,477,844 Notre Dame Intermedica Participacoes SA 289,718 5,003,902 Bailiwick of Jersey – 0.1% Petrobras Distribuidora SA 421,700 1,792,730 Polymetal International PLC 131,532 2,850,845 Petroleo Brasileiro SA ‑ Petrobras (ON) 2,103,697 10,508,104 Raia Drogasil SA 602,000 2,741,865 Bermuda – 0.7% Rumo SA (b) 724,700 2,688,783 Alibaba Health Information Technology Ltd. (b) 2,256,000 7,070,686 Sul America SA unit 165,877 1,209,956 Alibaba Pictures Group Ltd. (b) 6,760,000 854,455 Suzano Papel e Celulose SA (b) 418,317 4,744,045 Beijing Enterprises Water Group Ltd. 2,816,000 1,147,720 Telefonica Brasil SA 250,600 2,070,242 Brilliance China Automotive Holdings Ltd. 1,692,000 1,331,209 TIM SA 475,200 1,155,127 China Gas Holdings Ltd. 1,461,000 5,163,177 Totvs SA 274,600 1,425,346 China Resource Gas Group Ltd.
    [Show full text]
  • Terms of Reference
    Terms of Reference Brazil ESG Practices Working Group Introduction The goal of the ESG Practices Working Group is to promote discussions through cooperation between companies and investors, seeking to share experiences with transparency. We believe that through these debates and Group member collaboration we can change corporate practices regarding ESG issues, and increase investidor interest and knowledge in integrating ESG issues in their investment analysis and monitoring. The ESG Practices Working Group is the result of the merger of the “ESG Engagement” and “ESG Integration” working groups in 2016. Goals The ESG Practices Working Group collects and analyzes Brazilian companies’ KPIs, focusing on future engagements and improved ESG transparency and disclosure. The Working Group’s objectives are to help companies report on their ESG indicators with greater quality and assertiveness, and to strengthen the relationship between analysts and companies. The project's stages are as follows: • A survey of the KPIs disclosed by the companies (public data) • Consolidation of the most relevant KPIs for decision making • Sending a letter to initiate the engagement with the surveyed companies • Engagement meetings with the surveyed companies • Preparation of a document based on the Working Group’s experience History In 2015, the Engagement Working Group analyzed the food and beverage industry, and surveyed the following companies: Ambev, BRF, JBS, Marfrig, Minerva, Cosan, and São Martinho. In 2016, following the merger, all members of the ESG Practices Group were involved in the project, which continued to analyze the KPIs of the Utilities sector (Energy). For 2017, the goal is to publish a white paper of the food and beverage industry, and to hold engagement meetings with companies in the energy sector.
    [Show full text]
  • A Case Study of the Cosan and Shell Biofuel Venture
    ISSN 0080-2107 Sharing competences in strategic alliances: a case study of the Cosan and Shell biofuel venture Luciana Florêncio de Almeida Cláudio Antonio Pinheiro Machado Filho Competências compartilhadas em alianças estratégicas: um estudo da Recebido em 25/maio/2012 aliança Cosan e Shell no mercado de biocombustíveis Aprovado em 30/janeiro/2013 Em um mundo competitivo, a maneira como uma firma estabelece seus arranjos organizacionais pode determinar sua capacidade de ampliar suas competências es- Sistema de Avaliação: Double Blind Review RESUMO senciais, bem como a possibilidade de atingir novos mercados. Empresas que atuam Editor Científico: Nicolau Reinhard em apenas um mercado encontram obstáculos para se expandir e por meio de alianças elas encontram uma forma competitiva de criar valor. Formas híbridas apresentam- DOI: 10.5700/rausp1093 -se primeiramente como alternativas de capturar valor e gerenciar ativos quando o mercado e a hierarquia organizacional não apresentam ganhos para a competitividade da firma. Como resultado, essa forma apresenta desafios como a alocação de direitos e os problemas de agência. O mercado de biocombustíveis tem apresentado mudan- ças contínuas nos últimos dez anos. Novos arranjos intra-firmas apareceram como um caminho para participar ou sobreviver no cenário de competição global. Dada a necessidade de capital para atingir melhores resultados, tem havido um movimento consistente de fusões e aquisições no setor de biocombustíveis, principalmente desde a crise financeira de 2008. Em 2011 existiam cinco grandes grupos no Brasil com capacidade de moagem de mais de 15 milhões de toneladas por ano: Raízen (joint Luciana Florêncio de Almeida, Doutora em venture entre Cosan e Shell), Louis Dreyfus, Tereos Petrobras, ETH e Bunge.
    [Show full text]
  • Cemig Annual & Sustainability Report
    CEMIG’SCEMIG’S MAIN MAININDICATORS INDICATORS Financial dataFinancial (Economic data Dimension(Economic –Dimension in R$) are –consolidated in R$) are consolidated according to according the IFRS. toThe the other IFRS. data The refer other to data the controllingrefer to the company controlling company (holding) Cemig(holding) – Companhia Cemig – CompanhiaEnergética deEnergética Minas Gerais de Minas S.A. andGerais its S.A.whole and subsidiaries: its whole subsidiaries: Cemig Distribuição Cemig Distribuição S.A. (Cemig S.A.D) and (Cemig Cemig D) and Cemig Geração e TransmissãoGeração e Transmissão (Cemig GT) (Cemigin accordance GT) in accordancewith the GRI with – Global the GRI Reporting – Global Initiative Reporting methodology. Initiative methodology.1 1 2008 20082009 20092010 2010 GeneralGeneral Data Data Number of ConsumersNumber of Consumers– thousand 2– thousand2 6,602 6,6026,833 6,8337,065 7,065 Number of employeesNumber of employees 10,422 10,4229,746 9,7468,859 8,859 MunicipalitiesMunicipalities serviced serviced 774 774774 774774 774 Concession ConcessionArea – Km2 3Area – Km2 3 567,478 567,478567,478 567,478567,740 567,740 Saifi – NumberSaifi of– outgagesNumber of(EU28) outgages (EU28) 6.53 6.536.76 6.766.56 6.56 Saidi – HoursSaidi of outgages – Hours of (EU29) outgages (EU29) 13.65 13.6514.09 14.0913.00 13.00 Number of plantsNumber in ofoperation plants in4 operation4 63 63 65 65 66 66 Installed capacityInstalled – MW capacity (EU1) 5– MW (EU1)5 6,691 6,6916,716 6,7166,896 6,896 TransmissionTransmission lines – Km (EU4)lines
    [Show full text]
  • Análise De Empresas Petróleo; Combustível & Distribuição
    23 de outubro Análise de Empresas Petróleo; Combustível & Distribuição COMPORTAMENTO DAS PRINCIPAIS BOLSAS Prévia do 3T19: Trimestre sólido para as Empresa Recomendação Preço-Alvo empresas do setor BRDT3 COMPRA 37,00 CSAN3 COMPRA 58,00 • O 3T19 deve ser um trimestre mais forte para a indústria cíclica UGPA3 COMPRA 26,00 doméstica brasileira; BRDT, UGPA e CSAN, com forte melhoria PETR3 COMPRA 43,00 sequencial nas margens de distribuição de combustível. Vicente Falanga* • Os preços mais baixos do petróleo (-9,7% T/T) devem prejudicar as Ricardo França companhias do setor, mas a forte produção da Petrobras (+9,3% T/T) * Analista de valores mobiliários credenciado responsável pelas deve sustentar os resultados. declarações nos termos do Art. 21 da ICVM 598/18 • Principais recomendações em ordem. Entre as distribuidoras: Ultrapar, Cosan, BR Distribuidora (todos com recomendação de Compra). Também temos recomendação de Compra para Petrobras. Petrobras (PETR4/PETR3): A empresa divulgará seus resultados do 3T19 na noite desta quinta-feira, 24/10. Acreditamos que a forte produção deve compensar os fracos preços do petróleo. Apesar de uma forte retração nos preços do Brent (-9,7%), esperamos que a forte recuperação da produção da Petrobras (+ 9,3% em comparação ao 2T19) beneficie os resultados. Estimamos o EBITDA ajustado em cerca de R$ 31 bilhões (-3% no trimestre). O lucro líquido deve chegar a R$ 10,9 bilhões, auxiliado por ganhos de capital com a venda parcial da BR Distribuidora, compensando parcialmente provisões de -R$ 3,2 bilhões. Descontando itens não recorrentes, esperamos um resultado final de R$ 6,5 bilhões (-19% na comparação anual no 3T19 e + 37% na comparação do 3T19 com o trimestre imediatamente anterior), sequencialmente mais forte devido à expectativa de menor taxa de imposto de renda.
    [Show full text]
  • Estratégia De Ações
    Estratégia de Ações Brasil 5 de novembro de 2020 Expectativa dos Resultados 3T20 – 09 a 13/11 A temporada de resultados do terceiro trimestre de 2020 está em andamento. Neste relatório listamos, apenas, as empresas que poderão apresentar destaques segundo nossos analistas. Abaixo os seguintes destaques de resultados esperados: ◼ Destaques positivos: Magazine Luíza, Br Distribuidora, Carrefour, Energisa, Via Varejo, JBSS, Marfrig, Enauta, Vivara, B3. ◼ Destaques negativos: Alliar. Na tabela abaixo consta um resumo das companhias que divulgam seus resultados e os pontos gráficos de cada ação. Nas páginas seguintes, detalhamos a expectativa dos analistas para cada uma dessas empresas. Expectativa de Resultados Data do Tendência Empresa Expectativa Preço Atual Suporte Resistência Horário Resultado curto prazo MGLU3 Segunda-feira (9) Positivo 27,45 23,85 30,50 Alta Após fechamento BRDT3 Terça-feira (10) Positivo 20,94 18,80 21,45 Indefinido Após fechamento CRFB3 Terça-feira (10) Positivo 19,37 18,15 20,50 Baixa Após fechamento VVAR3 Quarta-feira (11) Positivo 19,12 16,55 20,50 Indefinido Após fechamento JBSS3 Quarta-feira (11) Positivo 19,99 19,10 21,20 Baixa Após fechamento MRFG3 Quarta-feira (11) Positivo 14,28 13,55 15,95 Baixa Após fechamento ENAT3 Quarta-feira (11) Positivo 9,10 8,00 9,90 Baixa Após fechamento ENGI11 Quinta-feira (12) Positivo 46,45 41,10 50,10 Alta Após fechamento AALR3 Quinta-feira (12) Negativo 10,88 9,40 11,40 Indefinido Após fechamento VIVA3 Quinta-feira (12) Positivo 23,52 21,30 25,35 Indefinido Após fechamento B3SA3 Quinta-feira (12) Positivo 56,61 49,00 58,40 Indefinido - CSAN3 Sexta-feira (13) - 73,55 64,50 76,45 Alta Após fechamento fonte: Itau BBA e Bloomberg TIME DE ESTRATÉGIA Fabio Perina, CNPI Na página 8 do presente relatório podem ser encontradas divulgações importantes, certificações dos analistas e informações adicionais.
    [Show full text]
  • Annual and Sustainability Report 2019 Annual and Sustainability Report 2019 1 Contents
    ANNUAL AND SUSTAINABILITY REPORT 2019 ANNUAL AND SUSTAINABILITY REPORT 2019 1 CONTENTS CONTENTS 2 ABOUT THIS REPORT 4 1.1 MESSAGE FROM THE BOARD 7 1.2 MATERIALITY 10 1.3 OUR FIGURES 2019 17 1.4 MAJOR HIGHLIGHTS 2019 18 CEMIG 24 2 BUSINESS MODEL 24 2.1 OPERATIONS 28 2.2 STRATEGY 32 2.3 INNOVATION AND TECHNOLOGICAL DEVELOPMENT 38 2.4 NEW BUSINESSES 45 2.5 GRANTS 48 2.6 SECTORAL ASSOCIATIONS 50 3 CORPORATE GOVERNANCE 56 3.1 GOVERNANCE MODEL AND MAIN PRACTICES 57 3.2 ETHICS AND TRANSPARENCY 70 3.3 RISK MANAGEMENT 77 WHERE OUR STRENGTH COMES FROM 82 4 CUSTOMERS 83 4.1 OUR CUSTOMERS AND CONSUMERS 83 4.2 MARKET DEVELOPMENT 88 4.3 QUALITY OF ENERGY 93 4.4 SAFE USE OF ENERGY 96 4.5 PROTECTION AGAINST LOSSES 102 4.6 RELATIONSHIP WITH CUSTOMERS 107 4.7 INFORMATION SECURITY 115 4.8 STRUCTURE AND TARIFF ADJUSTMENT 119 ANNUAL AND SUSTAINABILITY REPORT 2019 2 5 EMPLOYEES 123 5.1 EMPLOYEE PROFILE 125 5.2 REMUNERATION AND BENEFITS 129 5.3 DIVERSITY AND HUMAN RIGHTS 134 5.4 PERFORMANCE MANAGEMENT 140 5.5 LABOR AND UNION PRACTICES 146 5.6 WORK SAFETY, OCCUPATIONAL HEALTH AND WELL-BEING 148 6 SUPPLIERS 156 6.1 SUPPLY CHAIN MANAGEMENT 157 6.2 SUPPLY CHAIN STAGES 160 6.3 IDENTIFICATION AND MANAGEMENT OF ENVIRONMENTAL AND SOCIAL IMPACTS 165 6.4 ENVIRONMENTAL AND SOCIAL PERFORMANCE OF SUPPLIERS 171 6.5 COMMUNICATION CHANNELS WITH THE SUPPLIERS 173 6.6 HIGHLIGHTS AND ADVANCES IN MANAGEMENT 174 6.7 MAIN MONITORING ITEMS AND INDICATORS 177 CEMIG AND SUSTAINABLE DEVELOPMENT 181 7 ECONOMIC PERFORMANCE 188 7.1 MAJOR FINANCIAL INDICATORS 189 7.2 CAPITAL MARKETS AND
    [Show full text]
  • Emerging Index - QSR
    2 FTSE Russell Publications 19 August 2021 FTSE RAFI Emerging Index - QSR Indicative Index Weight Data as at Closing on 30 June 2021 Index Index Index Constituent Country Constituent Country Constituent Country weight (%) weight (%) weight (%) Absa Group Limited 0.29 SOUTH BRF S.A. 0.21 BRAZIL China Taiping Insurance Holdings (Red 0.16 CHINA AFRICA BTG Pactual Participations UNT11 0.09 BRAZIL Chip) Acer 0.07 TAIWAN BYD (A) (SC SZ) 0.03 CHINA China Tower (H) 0.17 CHINA Adaro Energy PT 0.04 INDONESIA BYD (H) 0.12 CHINA China Vanke (A) (SC SZ) 0.09 CHINA ADVANCED INFO SERVICE 0.16 THAILAND Canadian Solar (N Shares) 0.08 CHINA China Vanke (H) 0.2 CHINA Aeroflot Russian Airlines 0.09 RUSSIA Capitec Bank Hldgs Ltd 0.05 SOUTH Chongqing Rural Commercial Bank (A) (SC 0.01 CHINA Agile Group Holdings (P Chip) 0.04 CHINA AFRICA SH) Agricultural Bank of China (A) (SC SH) 0.27 CHINA Catcher Technology 0.2 TAIWAN Chongqing Rural Commercial Bank (H) 0.04 CHINA Agricultural Bank of China (H) 0.66 CHINA Cathay Financial Holding 0.29 TAIWAN Chunghwa Telecom 0.32 TAIWAN Air China (A) (SC SH) 0.02 CHINA CCR SA 0.14 BRAZIL Cia Paranaense de Energia 0.01 BRAZIL Air China (H) 0.06 CHINA Cemex Sa Cpo Line 0.7 MEXICO Cia Paranaense de Energia (B) 0.07 BRAZIL Airports of Thailand 0.04 THAILAND Cemig ON 0.03 BRAZIL Cielo SA 0.13 BRAZIL Akbank 0.18 TURKEY Cemig PN 0.18 BRAZIL CIFI Holdings (Group) (P Chip) 0.03 CHINA Al Rajhi Banking & Investment Corp 0.52 SAUDI Cencosud 0.04 CHILE CIMB Group Holdings 0.11 MALAYSIA ARABIA Centrais Eletricas Brasileiras S.A.
    [Show full text]
  • Klabin Sustainability-Linked Bond Framework
    Klabin Sustainability-Linked Bond Framework December 2020 Contents: 1. Introduction 2. Approach to Sustainability 3. Rationale for Issuance 4. Alignment with the Sustainability-Linked Bond Principles, 2020 4.1 Selection of KPIs 4.2 Calibration of Sustainability Performance Targets (SPTs) 4.3 Bond characteristics 4.4 Reporting 4.5 Verification 1. Introduction For over 121 years, Klabin has been part of the daily lives of millions of people by creating customized sustainable solutions for various industrial sectors, operating 18 plants in Brazil and one in Argentina. Klabin is Brazil’s largest producer and exporter of packaging paper, leading producer of cardboard, corrugated cardboard packaging and industrial bags in Brazil, and also the country’s only company to offer the market the finest solutions in hardwood (eucalyptus), softwood (pine) and fluff pulps. In order to contribute to the development of a sustainable economy and inspire final consumer choices, Klabin prioritizes the prosperity of the planet, generating value for its investors, employees and business partners. To put this commitment into practice, since 2016 Klabin is a voluntary supporter of the United Nations 17 Sustainable Development Goals (SDGs) and since 2019 aligned the company’s Sustainability strategy to the goals of the 2030 Agenda. In December 2020, Klabin has announced its official set of public targets, available on kods.klabin.com.br website. Klabin has been included in the Brazil’s B3 Corporate Sustainability Index (ISE) since 2015 and recently has been included in the Dow Jones Sustainability Indices World and Emerging Markets. The company has a strong performance in the WWF Environmental Paper Company Index with a 90.5% score and is also on the Leadership category in CDP’s programs Water Management, Climate Change, Forests and Supplier Engagement Rating.
    [Show full text]
  • Norges Bank Norway
    Norges Bank Norway Active This profile is actively maintained Send feedback on this profile Created before Nov 2016 Last update: Mar 23 2021 About Norges Bank Norges Bank, established in 1816, is the central bank of Norway. The bank does not offer any banking services to the general public. Its mandate is to promote economic stability in Norway. Norges Bank has executive and advisory responsibilities in the area of monetary policy and is responsible for promoting robust and efficient payment systems and financial markets. Norges Bank, via its subsidiary Norges Bank Investment Management, manages Norway's foreign exchange reserves and the Government Pension Fund Global, also known as the Oil Fund, which was established in 1990 to invest the surplus revenues of the Norwegian petroleum sector. This is the largest sovereign wealth fund in the world. Website http://www.norges-bank.no Headquarters Bankplassen 2 0151 Oslo Norway CEO/chair Øystein Olsen Chairman Supervisor Annual report Annual report 2020 Ownership Norges Bank is owned by the Norwegian state. Complaints and grievances Sustainability Voluntary initiatives Norges Bank has committed itself to the following voluntary standards: Extractive Industries Transparency Initiative Principles for Responsible Investment (PRI) United Nations Global Compact Investment policies Norges Bank Investment Management's webpage on corporate social responsibility can be accessed here. Exclusion of companies Elco, Ashtrom Group, Electra and Oil & Natural Gas Corp. Exclusion due to unacceptable risk that
    [Show full text]
  • Instruções De Navegação Sobre Este Relatório Qualidade Os Produtos Da Mensagem Do Presidente Marfrig Beef São
    SOBRE ESTE RELATÓRIO OS PRODUTOS DA MARFRIG BEEF SÃO RECONHECIDOS MENSAGEM DO CHAIRMAN MUNDIALMENTE PELA INSTRUÇÕES DE NAVEGAÇÃO SOBRE ESTE RELATÓRIO QUALIDADE OS PRODUTOS DA MENSAGEM DO PRESIDENTE MARFRIG BEEF SÃO RECONHECIDOS MENSAGEM DO CHAIRMAN Por suas práticas, a Marfrig Beef foi a primei- MARFRIG BEEF – ARGENTINA VOLTAR PARA A CAPA ra empresa de alimentos do mundo a assinar Na Argentina, a Companhia conta com duas MUNDIALMENTE PELA compromisso público com o Greenpeace para unidades de processamento de bovinos, locali- SOBRE ESTE RELATÓRIO ESTRUTURA DE NEGÓCIOS GRI G4-4,DOWNLOAD G4-8, assegurar a compra de gado legal e combater zadas nas cidades de Hughes (Província de San- PERFIL ORGANIZACIONAL QUALIDADE G4-9 o desmatamento no Bioma Amazônia, além de ta Fé) e Vila Mercedes (Província de San Luis). ter sido a primeira empresa produtora de carne OS PRODUTOS DA MENSAGEM DO PRESIDENTE MARFRIG BEEF IMPRESSÃO do mundo a ter uma unidade produtiva certifi- Alinhados às práticas de responsabilidade social NAVEGAÇÃO Conta com mais de 22 mil colaboradores e participa com cada pela Rainforest Alliance Certified™. corporativa da Marfrig Beef, todos os colabo- POR CAPÍTULO MARFRIG BEEF SÃO 46% da receita total do grupo, sendo que 80% da receita radores passam por treinamento e participam MENSAGEM DO CHAIRMAN GESTÃO GESTÃO EMPRESARIAL RECONHECIDOS advém da operação do Brasil, 14% dos negócios das filiais A divisão também é parceira de diversas as- de apresentações institucionais antes de serem Por suas práticas, a Marfrig Beef foi a primei- MARFRIG
    [Show full text]
  • BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I
    BRADESCO GLOBAL FUNDS Brazilian Hard Currency Bond Fund USD I As of 30/09/2020 Fund Description Investment Growth The fund seeks to maximize medium term returns by investing 145,0 primarily in Dolar-denominated Brazilian Corporate and Government bonds issued abroad. Investment approach based 137,5 on robust credit research, market and macro monitoring and duration analysis. 130,0 122,5 Fund Facts 115,0 Fund Size $ 107,6 million 107,5 Inception Date 26/11/2010 Domicile Luxembourg 100,0 Legal Status SICAV / UCITS 92,5 2012 2014 2016 2018 2020 Base Currency US Dollar Subscription / Redemption Daily Brazilian Hard Currency Bond Fund USD I Settlement Day 2 Trailing Net Returns (USD %) Share Class Information Since 1 M 3 M YTD 2019 2018 Inception USD I USD R Brazilian Hard Currency Bond Fund USD I -0,1 4,3 -0,2 11,4 0,4 39,0 ISIN LU0560844796 LU0560843715 Ticker BBG BGBGBIU LX BGBGBRU LX Annual Fee (%) 0,75 1,35 Inception Date 26/11/2010 26/11/2010 Minimum Investment 1,000,000 US Dollar 5,000 US Dollar Asset Allocation Quality Diversification ** % % EUR R GBP R Government Related 6,4 BBB 16,1 ISIN LU0566752720 LU0858360992 Corporate Bond 86,9 BB 65,0 Ticker BBG BGBGBRE LX BGBHGBR LX Cash & Equivalents 6,8 B 11,4 Annual Fee (%) 1,35 1,35 Not Rated 7,4 Inception Date 26/11/2010 28/12/2012 Minimum Investment 1,000 Euro 1,000 Pound Sterling Portfolio Characteristics Top 10 Holdings Average Eff Maturity 5,45 Maturity Date Fund (%) Average Eff Duration 4,19 Ultrapar International S.A.
    [Show full text]