Barclays Capital Delivers Commodities-Linked Solutions to Brazilian Asset Managers
13 Janeiro 2010 - 1:19PM
Business Wire
Barclays Capital said today that funds in Brazil linked to its
commodities products have surpassed BRL300 million in assets. The
recent launch of two such principle-protected funds, linked to
Barclays Capital commodities indices, for Brazil’s two largest
asset managers, highlights domestic investor interest in the asset
class.
In November 2009, Barclays Capital closed a carbon credit index
swap with a Brazilian asset manager, allowing the client to access
the carbon markets through exposure to the Barclays Global Carbon
Index (BGCI). BGCI, the world’s first global carbon index, measures
the performance of the most liquid carbon-related credit plans
around the world and is designed to be an industry benchmark for
carbon investors.
By delivering exposure to the index in local currency, the
client was able to launch a carbon fund for Brazilian investors
that has attracted more than BRL180 million in assets to date,
making it the largest principle-protected commodity-linked fund in
Brazil.
Underscoring the growing Brazilian investor interest in
commodities, In October 2009, Barclays Capital closed another
local-currency transaction with a Brazilian asset manager, giving
that client efficient access to oil prices. The structure provided
by Barclays Capital allowed the client to launch a fund designed to
offer investors upside as oil prices rise, while protecting
investors’ principle should oil prices fall.
To date this fund has attracted more than BRL130 million in
assets from Brazilian investors. In total, principle-protected
commodities funds attracted assets of approximately BRL 460 million
in 20091, with the majority of those assets linked to Barclays
Capital structures.
“Investors in Brazil are increasingly seeking diversification
through commodities, but need vehicles that offer domestic access
to these global markets,” said Philippe J.J. Comer, Managing
Director and Head of Commodity Investor Structuring, Americas for
Barclays Capital. “Barclays Capital is the global leader in
providing commodities structured solutions. Our goal in Brazil is
to deliver our expertise in commodities to asset managers, and
ultimately provide their retail and institutional clients with the
best possible global access to commodity investment
strategies.”
“The sophisticated structures of these funds puts Brazil at the
forefront of commodities investment globally,” said Roge Rosolini,
Managing Director, Emerging Markets Structuring for Barclays
Capital. “We also want to ensure that these underlying structures
are well understood, so we are working with our clients to create
suitable investor education programs.”
Barclays Capital is the largest dealer of commodity-linked notes
in the world, with more than US$7.9 billion in
commodity-linked notes issued in 2009.2
About Barclays Capital
Barclays Capital is the investment banking division of Barclays
Bank PLC. With a distinctive business model, Barclays Capital
provides large corporate, government and institutional clients with
a comprehensive set of solutions to their strategic advisory,
financing and risk management needs. Barclays Capital has offices
around the world, employs over 20,000 people and has the global
reach, advisory services and distribution power to meet the needs
of issuers and investors worldwide. For further information about
Barclays Capital, please visit our website:
www.barclayscapital.com.
1 Source: Comissao de Valores Mobiliaros (cvm.gov.br/)
2 Source: MTNi league table
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