ABSia (Brazilian Association of Real Estate and Agribusiness Securitizers) recorded the issuance of 271 CRIs and CRAs in 2020, or 20% of a total universe of 1362 securities or real estate values issued in the country - including shares, debentures, BDR, promissory notes , CRI, CRA, FIDC, FII and FIP. The data from January to December presented a great result, especially if we consider the year of the pandemic, with a 22% growth in total CRI emissions and a slight drop in CRA emissions. The consolidated volume of issuances in the year, in monetary value, was R﹩ 27 billion, according to CVM data.
"Even in a year of crisis and a lost first half of the year for all segments, we managed to close the year with around 20% growth compared to the previous year", comments Maurício Visconti, President of ABSia.
In the CRA market, 56 issues were carried out in 2020, according to data from CVM and ABSia, a small drop in emissions compared to 2019. In Maurício Visconti's assessment, "this decrease is due to the holding back of emissions that would be structured in the beginning of the year, but which should come with more force now at the beginning of 2021, as the agribusiness market follows the harvest periods and what was being carried out between March and May of last year ended up being frozen by the pandemic. In this way, with the start of vaccination and the improvement in the economy, significant growth in the CRA market is expected at the beginning of 2021."
Outlook 2021
There is an important trend linked to the scope and visibility that has taken over the agribusiness sector. The capital market must meet the need for financing that the government has difficulty offering in full and the instrument for this is the CRA. "In this sense, the increase in CRA emissions should possibly exceed expectations at the beginning of 2021", comments Visconti.
There is also a great possibility of growth in CRI emissions. Maurício estimates that the sector should grow by 20% to 30% in 2021. "The big lever in the CRI market today has been real estate fund raising, which has returned strongly since the end of 2020. Since CRI issues has focused on offers for professional investors, individual investors who cannot access this type of title end up accessing it through real estate funds. I believe that when the CVM faces the new regulation on the distribution of real estate values, which is already within its scope, calendar for this year, new categories of investors will probably be opened, potentially boosting the market even further in 2021", concludes the President of the entity.
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