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O que é CDCA? Título isento de impostos promete ser a ‘nova moda’ na renda fixa

por: portal renda

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O CDCA (Certificado de Direito Creditório do Agronegócio) é um título isento de impostos e vinculado a créditos do setor agropecuário, que pode se tornar popular na renda fixa privada.

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Uma operação recente coordenada pelo BTG Pactual ressuscitou o interesse por CDCAs, movimentando R$ 12,1 bilhões, superando expectativas iniciais.

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Diferente de outros títulos do agronegócio, o CDCA é emitido por empresas da cadeia agroindustrial, envolvendo risco de crédito diretamente associado ao emissor.

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O CDCA não é coberto pelo Fundo Garantidor de Créditos (FGC), possui baixa liquidez e é considerado complexo, sendo mais adequado para investidores qualificados.

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A alta demanda pelo CDCA coordenado pelo BTG foi impulsionada pelo "risco bancário", visto que o título é lastreado pelo balanço do banco.

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Apesar do sucesso recente, ainda é incerto se o CDCA terá uma onda de emissões, especialmente devido à sua complexidade e ao número limitado de bancos com atuação no agronegócio.

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Analistas acreditam que os CRAs, mais conhecidos e líquidos, continuarão predominando no mercado de títulos do agronegócio, mesmo com o crescimento do interesse por CDCAs.

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