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7mo ago

Brazil's Treasury Rejects Correios’ R$20 Billion Loan Terms, Forcing Suspension of Deal

Officials will back a guarantee only up to 120% of the CDI, prompting fresh talks with banks and scrutiny by the federal audit court.

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Crise nos Correios levou governo a determinar bloqueio de gastos no Orçamento.
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Overview

  • The bank syndicate of Banco do Brasil, Citibank, BTG Pactual, ABC Brasil and Safra proposed roughly 136% of the CDI for a 15‑year facility with three years of grace and tranches of R$10 billion in 2025 and R$5 billion plus R$5 billion in 2026.
  • After a meeting at the Finance Ministry, Correios halted contracting and will seek lower rates or smaller phased tranches before resubmitting for a sovereign guarantee capped at 120% of the CDI.
  • The TCU opened audits into the financing and the broader restructuring plan, and ministers are considering a precautionary injunction to enforce a 120% CDI ceiling, with Benjamin Zymler as rapporteur.
  • The MP at the TCU filed a representation challenging the 136% CDI cost, raising concerns about economic reasonableness, transparency and potential liabilities for the Union.
  • Facing about R$6 billion in losses through September and a monthly cash gap near R$750 million, the government has put a direct capital injection back on the table as a fallback subject to fiscal and legal constraints.