Agibank closes $402M FIDC backed by payroll loans
What's the deal? Agibank has closed its third receivables-backed fund, FIDC Agibank III, raising US$537.2M. The Brazilian hybrid bank, a subsidiary of NYSE-listed Agi Inc., issued Class A quotas in two series carrying a 132-month maturity and an interest rate of the CDI rate plus 1.05% per year.
How it's structured: The closed-end fund is backed by credit rights from INSS payroll-deductible loans. Oliveira Trust DTVMDealroom has a profile for this one. Try Dealroom → administers the structure, with Oliveira Trust ServicerDealroom has a profile for this one. Try Dealroom → managing it and Agibank Asset ManagementDealroom has a profile for this one. Try Dealroom → as co-manager. The offering targeted professional investors through public distribution and private placement in Brazil.
Why now? Agibank frames the issuance as part of its liability management strategy, aimed at locking in diversified, long-term funding. The quotas earned an 'AAA.br' rating from Moody's LocalDealroom has a profile for this one. Try Dealroom →.
What's the endgame? The bank runs a hybrid model that pairs digital services with physical branches, targeting customers underserved by traditional and purely digital banks. It wants to deepen its position in payroll-deductible lending, a segment where it claims established expertise.
"The completion of this issuance confirms our ability to access different funding sources efficiently and on a recurring basis," said Marcello Dubeux, chief financial officer and investor relations officer at Agi.
The signal: Recurring FIDC issuances show Brazilian lenders leaning on securitised, rated vehicles to fund growth without relying solely on deposits. For Agibank, each successive close builds a track record that lowers its cost of capital and underpins steady expansion in a crowded market.
Read more: wallstreet-online.de
Image credit: Artem Beliaikin
