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Treasury Reviews R$12 Billion Correios Loan as Guarantee Hinges on Turnaround Plan

Government support depends on a credible rebalancing plan under newly published Finance Ministry rules that cap guaranteed loan rates.

Overview

  • Finance Minister Fernando Haddad said the Tesouro is finalizing its review of a Correios proposal backed by a bank consortium, with a decision targeted for this week.
  • A new portaria sets procedures for guarantees to non‑dependent state firms and enforces a ceiling of 120% of the CDI, which the current offer reportedly meets.
  • Banco do Brasil, Caixa, Bradesco, Itaú and Santander proposed roughly R$12 billion over 15 years with three years of grace and interest near 115% of the CDI, with R$10 billion potentially disbursed this year and the remainder in 2026.
  • Haddad ruled out a direct cash injection for now, and any federal guarantee will require an approved plan that cuts costs, closes unprofitable units and expands revenue partnerships.
  • Correios’ plan under discussion includes a PDV to reduce about 15,000 positions and the closure of roughly 1,000 sites, while governance concerns persist with fiscal‑council warnings since 2023 and a CGU audit pointing to inconsistencies in the 2023 accounts.