Historical series Itaú Unibanco issues its first Credit COE
The operation, unprecedented in the market, was registered with B3 (the Brazilian stock exchange) and marks a significant step forward in the integration of the Brazilian market with international standards
São Paulo, September 2, 2024 – Itaú Unibanco has concluded the first issue of a Structured Operations Certificate (COE) referenced to credit risk, in the amount of R$ 500 thousand. This new modality comes into force with Resolution 5,166 of the CMN (Brazilian National Monetary Council).
“In line with the Central Bank’s modernization agenda, we took the first step in relation to credit derivatives and now we are anticipating offering our clients this new type of COE, which aims to make the credit market more dynamic and contribute to its development,” says Luciano Diaferia, Products Superintendent at Itaú Unibanco.
The sale of COEs, which are similar to Structured Notes abroad, celebrated its 10th anniversary at the beginning of the year, with an accumulated volume of R$ 75.5 billion and growth of approximately 30% over the last 12 months. Considered an instrument that offers returns with controlled risk, COEs have consolidated themselves as a diversification option for investors.
With the new CMN resolution, the COE modality referenced to credit risk was regulated, which is only allowed in restricted situations. In addition, the pioneering issue made by Itaú Unibanco is linked to the risk of Colombia, another innovation of the new resolution, which allows operations linked to the risk of other countries. Credit risk operations, as well as market risk operations, must be registered with B3.